The CLARITY Act failed to advance in the US Senate on Tuesday, September 15, dealing a major setback to the crypto industry’s biggest regulatory push in years. Senators voted 49-50 on a procedural motion to move forward with the bill. It needed 60 votes. The vote was on whether the Senate should begin considering the
Erebor Bank tried to attract crypto firms by letting clients turn USDC and USDT into dollars at face value for free. Within months, professional trading firms including Wintermute and Galaxy Digital reportedly found a way to profit from the offer, leaving the bank to absorb the cost. Erebor quickly became one of