The Senate blocked a final vote on the CLARITY Act on September 15, ending the push for a comprehensive US crypto market structure bill. Coinbase CEO Brian Armstrong claims The Wall Street Journal is preparing a report that blames him and his company for the legislation's collapse, which he describes as a repetition of bank lobby talking points. Armstrong argued that his initial opposition to a January draft was based on issues with DeFi and stablecoin rewards that were later resolved in the final version.

Senator Cynthia Lummis attributed the bill's death to Democratic opposition, while Paul Grewal cited efforts by bank lobbyists to block any compromise. Analysis of interviews with congressional aides suggests the failure resulted from a combination of external politics, a bad process, and instability within the crypto industry. Armstrong stated the final Senate draft was "great" and that he strongly supported its passage prior to the cloture vote.