Circle CEO Jeremy Allaire said the Clarity Act could still advance despite its September 15 Senate setback, speaking as the company launched its Arc blockchain mainnet.
Speaking to CNBC on Wednesday, Allaire pointed to last year’s GENIUS Act, which also failed an initial cloture vote before lawmakers reached an agreement and advanced the stablecoin legislation.
“A failed cloture vote is not that legislation is done,” Allaire said, arguing that lawmakers from both parties still want to reach a deal.
The cloture motion received 49 votes in favor and 50 against, falling short of the 60 votes needed to advance.
Allaire told CNBC that negotiators were now roughly “90%” of the way toward settling the remaining issues.
Circle Launches Arc Public Mainnet
Allaire’s comments came as Circle launched Arc’s public mainnet, its Layer-1 blockchain built around stablecoin payments, capital markets, and tokenized assets.
Circle described Arc as its most significant product launch since USDC.
“Arc is the single most significant launch in Circle’s history since USDC itself, and it is the embodiment of the premise we have operated on for thirteen years: money should work the way the internet works,” said Allaire.
According to Circle, Arc launched with more than 100 applications and over 100 institutional and ecosystem builders. Its founding validator group includes BlackRock, DTCC, Galaxy, ICE, Mastercard, MoneyGram, Standard Chartered, and Visa, with participation in network validation rolling out in phases.
Arc uses USDC to pay for transaction fees. Circle says the network provided transaction finality in under a second.
Circle listed BNY, HSBC, Societe Generale, and State Street among banks participating in or exploring the network. The company also said asset managers, including BlackRock and Janus Henderson, were working to bring tokenized financial products onto the network.
Regulation and Institutional Adoption Move on Separate Tracks
While Congress struggles to establish a clear market structure framework, legislative work continues as two House committees advanced Bitcoin reserve and digital asset tax bills on September 16.
Meanwhile, large financial institutions continue to expand their use of blockchain infrastructure.
Allaire argued that crypto development will continue regardless of short-term political setbacks.
The Clarity Act could still advance if negotiators resolve the outstanding disputes and secure enough support for another cloture vote.
For Circle, the Arc mainnet launch expands the company’s blockchain infrastructure business beyond USDC issuance.
Sign up on WEEX and roll for a chance to win a share of the $1,000,000 prize pool.
