UK Submit Final Virtual Asset Regulation Bill to Parliament; US Law Fails Vote

The UK government has submitted its final revised bill on virtual asset regulation to parliament. In the United States, the Clarify Act, a virtual asset market structure bill, failed to pass a procedural vote in the Senate.

The UK Treasury announced on the 15th that it had submitted the final bill. The amendment aims to reduce regulatory uncertainty around stablecoin payment services and adjust requirements that block certain virtual asset uses. The UK Treasury stated that under existing regulations set to take effect in October 2027, companies engaging in newly regulated activities must obtain authorization from the Financial Conduct Authority (FCA).

The UK approach integrates virtual asset activities into the existing financial services regulatory framework. In the US Senate, a vote on whether to proceed with the next steps for the Clarify Act failed 49-50 on the 15th. AP reported that this bill aims to establish a new regulatory system for the $230 billion virtual asset market, while Axios noted it addresses jurisdictional issues between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).