Passage of the Clarity Act requires a number of Democrats to vote with Republicans to reach the 60-vote threshold

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Article I, Section 8 of the United States Constitution grants the United States Congress the power to issue letters of marque and reprisal

Senator Mike Lee introduced legislation authorizing cyber letters of marque specifically targeting drug cartels

Across 13 historical years with a split United States Congress, the S&P 500 recorded positive annual returns in each year

The United States House Ways and Means Committee approved the Digital Asset Tax Certainty Act in September 2026

On October 22, 2026, Senator Richard Blumenthal sent letters demanding business records from Tether CEO Paolo Ardoino and Nxum Group regarding the $6.3 million in payments made to Nxum Group

Senator Richard Blumenthal characterized the Oct. 22, 2026 probe into Tether, Nxum Group, and Bo Hines as an example of self-enrichment and self-dealings with cryptocurrency firms by the Trump administration

Senator Richard Blumenthal stated that Tether's payments to Nxum Group while Bo Hines shaped cryptocurrency policy implicate federal ethics, anticorruption, and lobbying laws

Senator Richard Blumenthal set a deadline of November 3, 2026 for Tether and consulting firm Nxum Group to turn over contracts, payment details, and communications

Senator Richard Blumenthal asked Tether and Nxum Group to clarify whether the two companies had discussed Tether acquiring an equity stake in Nxum Group

The CLARITY Act, which aimed to establish a federal framework for cryptocurrency regulation, was defeated in a United States Senate vote on September 15, 2026

Market participants are monitoring potential regulatory updates and statements from key figures, including President Donald Trump and Senate leaders, regarding cryptocurrency legislation

A Reuters report indicated that a Democratic victory in either chamber of Congress would not prevent the Trump administration from easing cryptocurrency regulations

A Democratic-controlled Congress could lead to subpoenas, congressional hearings, and investigations regarding the Trump administration's connections to the cryptocurrency industry

Patrick Witt's departure leaves President Donald Trump's digital asset team without a senior lead while the Senate prepares for a 22-day lame-duck session

Democrats raised concerns that ethics clauses in the Senate version of the CLARITY Act would be unenforceable against a sitting president because enforcement would rely on the Department of Justice

Senate negotiations over the CLARITY Act stalled due to disputes over stablecoin rewards, government ethics rules, and President Donald Trump's personal cryptocurrency holdings

A September 2026 Senate cloture vote on the CLARITY Act failed with 49 votes in favor, falling 11 votes short of the 60 required to advance the legislation

The House of Representatives passed its version of the Digital Asset Market Clarity Act (H.R. 3633) in July 2025 by a vote of 294 to 134

U.S. Senator Richard Blumenthal sent a formal letter on October 8, 2026, to Cantor Fitzgerald Chairman Brandon Lutnick, demanding records on the investment bank's financial relationship and partnership with stablecoin issuer Tether

Howard Lutnick stepped down from his leadership role at Cantor Fitzgerald after being confirmed by the Senate as U.S. Commerce Secretary in February 2025, leaving his son Brandon Lutnick to assume leadership