The Senate on Tuesday failed to advance the Clarity Act, a major blow to the crypto industry as the legislation could become even more difficult to pass if Dems win back seats in the midterm elections. The defeat dealt a major blow to efforts to establish the first comprehensive federal framework for digital-asset market Key points and original sources are listed below.

• The Senate on Tuesday failed to advance the Clarity Act, a major blow to the crypto industry as the legislation could become even more difficult to pass if Dems win back seats in the midterm elections.S1

• The defeat dealt a major blow to efforts to establish the first comprehensive federal framework for digital-asset marketS2