A procedural Senate defeat left H.R. 3633 awaiting further action, while Sen. Cynthia Lummis framed the outcome as a rejection of customer safeguards for digital commodity exchanges.
In an Oct. 21 post, Lummis, chair of the Senate Banking Committee’s Digital Assets Subcommittee, said Democrats who opposed advancing the Digital Asset Market Clarity Act had rejected custody standards she described as consumer protections for funds held by digital commodity exchanges.
Senators voted 49-50 against ending debate on a motion to take up H.R. 3633 on Sept. 15. That roll call was procedural; lawmakers did not vote on final passage or consider custody language in a standalone vote.
All Democrats who voted opposed the motion, as did four Republicans and independent senators King and Sanders. Coons was the one Democrat who did not vote.
The result left the broader measure awaiting additional Senate action. EconoTimes previously reported on how the same vote affected a proposed digital commodity exchange disclosure plan.
