Senator Thom Tillis switched his vote to no and filed a motion to reconsider the CLARITY Act, preserving a procedural path to another vote after the crypto bill failed to advance Tuesday. The cloture motion received 49 votes in favor and 50 against, short of the 60 needed. The bill would establish a federal framework for digital assets and clarify the roles of the SEC and CFTC.

No Democrat voted to advance the measure, with Democrats withholding support over ethics provisions addressing President Donald Trump’s crypto interests. Republicans Susan Collins, Josh Hawley and Jerry Moran also opposed it, alongside Tillis’s procedural no vote. Coinbase and Circle shares fell around 10% after the Senate setback, while Polymarket put the probability of enactment by year-end at 7%.

Bernstein expects “aggressive and swift” SEC and CFTC rulemaking following the vote, including action on tokenization, perpetual futures and prediction markets. The firm said platforms such as Coinbase can continue offering rewards on idle stablecoin balances. Former CFTC Chair Christopher Giancarlo also said regulation would continue, describing SEC Chair Paul Atkins and CFTC Chair Michael Selig as ready to build the frameworks Congress had not.