Bulgaria Puts Crypto Transaction Reporting Into Law; U.S. Senate Vote Sinks CLARITY Act

This week's crypto policy headlines include one new statute, one failed Senate vote and one CEO's public push. Only one of them changes what companies are legally required to do right now. Bulgaria has enacted a law compelling cryptocurrency firms to report customer transaction data to authorities, according to crypto.news and AMBCrypto. The legislation also tightens tax rules tied to crypto activity, with particular focus on withdrawals to self-custody wallets. The key point is status: this is not a draft or pending bill. It is already on the books, meaning the reporting obligation exists under Bulgarian law today. What remains unclear from the available reporting is how enforcement will work in practice, how often firms must file reports, and how the self-custody withdrawal provisions will be applied. Two independent outlets describing the measure as enacted supports that the statute exists as stated, but does not fill in operational details. In the U.S., the Senate failed to pass the CLARITY Act, CoinDesk and CoinGape reported. The record is straightforward: a vote was held and the bill did not clear it. Those accounts do not detail floor objections, potential amendments, or timing for another attempt. What the vote does confirm is that federal crypto market-structure legislation remains unsettled. The same reports noted bitcoin, ethereum and XRP declined after the vote. That price move is a separate data point and should not be treated as evidence of Senate intent. A third item is neither law nor vote: Ripple CEO Brad Garlinghouse urged senators to pass the pending market-structure legislation, CoinGape and U.Today reported, and he voiced support for Treasury Secretary Scott Bessent's approach to digital-asset policy. Two outlets documenting the remarks confirms the appeal was made; it does not indicate what the Senate will do. One detail stands out from that account: Garlinghouse reportedly said crypto's growth does not depend on the bill's passage. Placed alongside the failed Senate vote, that qualifier matters. It is not a discrepancy to resolve, but part of the public record as reported. Taken together, the asymmetry is clear. Bulgaria's action creates a binding reporting obligation now. The U.S. Senate vote records a failure to enact comparable federal legislation. Garlinghouse's remarks amount to a request directed at a legislature that has just declined to advance the bill. Stories referenced in this edition (publisher counts as of publication): - "Bulgaria Enacts Law Forcing Crypto Firms to Report User Transactions" — 2 independent publishers; the only item that changes binding law - "Senate Rejects CLARITY Act, Triggering Sharp Losses in Bitcoin, Ethereum, XRP" — 2 independent publishers; the vote outcome, distinct from market reaction - "Ripple's Garlinghouse Urges Senate to Pass Crypto Bill, Voices Support for Bessent" — 2 independent publishers; a public appeal weighed against the vote it did not change Originally reported by AltcoinGordon, written by Sophia Bennett. Republished with permission. View the original on AltcoinGordon →