Clarity Act Crypto Regulation Bill Blocked Amid Trump Family Conflict

The US crypto market's push for clearer regulations hit a roadblock when the Clarity Act was blocked in the Senate due to conflict of interest concerns surrounding President Donald Trump's family crypto business.

The bill, aimed at rewriting the rulebook for the $2.3 trillion US cryptocurrency market, would have clearly defined the Commodity Futures Trading Commission's (CFTC) jurisdiction over digital commodities like Bitcoin and Ethereum from the Securities and Exchange Commission's (SEC) oversight of investment contracts.

However, with a 49-to-50 vote in favor of advancing the bill to the floor, it fell short of the required 60-vote supermajority due to defections from both Democratic and Republican parties.