Maxine Waters

The Digital Asset Market Clarity Act failed to advance in the U.S. Senate after falling short of the 60 votes needed to move forward. The defeat leaves crypto market structure policy in the hands of regulators for now, while industry groups reassess their political strategy.

Digital asset legislation could face a harder path if Democrats gain control of key congressional committees in the next session. Several likely committee leaders have criticized crypto bills, raising the risk of delays, investigations, and narrower regulatory proposals.

House Financial Services Democrat Maxine Waters is urging the U.S. Department of Labor to withdraw its proposal to expand 401(k) plans into alternative assets, including crypto. The move adds fresh political pressure to a Trump-backed retirement investment overhaul.