TLDR
- Peter Schiff renewed his criticism of Bitcoin after the U.S. Senate failed to advance the CLARITY Act.
- The Senate motion received 50 votes in favor and 49 against, falling short of the 60 votes needed to proceed.
- Coinbase CEO Brian Armstrong called the result disappointing but said bipartisan talks could continue.
- Galaxy Digital CEO Mike Novogratz said election politics had made it harder for lawmakers to resolve remaining disputes.
- Critics including Brad Sherman and Ross Gerber welcomed the failed vote, while Changpeng Zhao pointed to stablecoin yield as a possible benefit.
Peter Schiff renewed his criticism of Bitcoin after the U.S. Senate failed to advance the CLARITY Act on Tuesday. The gold advocate said Bitcoin was “worthless” while responding to a post from Anthony Pompliano. His comment linked the failed vote to his long-running argument against Bitcoin’s value.
Peter Schiff Targets Bitcoin After Senate Vote
Schiff argued that Congress does not need to pass legislation to establish Bitcoin’s value. He wrote that it was clear to him that the asset had no worth. The comment followed months of debate over digital asset regulation in Washington.
The Senate vote did not settle Bitcoin’s legal status or market value. Instead, lawmakers considered whether to move the crypto market structure bill forward. The motion received 50 votes in favor and 49 against, below the 60 votes required.
All participating Senate Democrats opposed advancing the measure, while four Republicans also voted against it. The legislation had aimed to create federal rules for digital assets and define regulatory roles for agencies including the SEC and CFTC.
The failed vote followed over a year of negotiations. Lawmakers remained divided over ethics rules, stablecoin provisions, national security concerns, and other parts of the bill. The result leaves the legislation stalled, though procedural options could allow further action.
Crypto Executives React to Setback
Galaxy Digital CEO Mike Novogratz said he was disappointed after months of talks. He also said election politics had affected negotiations and made remaining disputes harder to resolve as Congress moved closer to the November midterm elections.
Coinbase CEO Brian Armstrong also called the result disappointing. He said bipartisan talks could continue, but argued that regulators should use existing authority to provide clearer rules. Armstrong pointed to both the SEC and CFTC as agencies able to act.
Binance co-founder Changpeng Zhao took a more positive view, saying stablecoins could continue offering yield. His response focused on one policy area that had divided banks, crypto companies and lawmakers during negotiations over the bill.
Representative Brad Sherman welcomed the Senate result after opposing the legislation. Investor Ross Gerber also described the vote as another setback for Bitcoin. Their comments joined Schiff’s reaction as critics used the failed procedural vote to renew broader criticism of cryptocurrency.
