Clarity Act Stalls in Senate as Crypto Market Faces Uncertainty
The Clarity Act, championed by President Donald Trump, failed to advance in the Senate after a 49-50 cloture vote. The bill aimed to regulate the cryptocurrency market but faced opposition from both Democrats and Republicans.
Democrats argued that the bill did not go far enough to address Trump's crypto profits, while Republicans pointed to the 126 substantive changes made during negotiations. Senator Thom Tillis voted against the bill to trigger a motion to reconsider, leaving a procedural route for the measure to return.
The controversy centered on new ethics provisions tied to Trump's crypto business. Opponents argued that the language still contains loopholes, allowing Trump to issue or sponsor crypto assets. Senate Banking Ranking Member Elizabeth Warren warned that the bill would 'turbocharge President Donald Trump's ability to rake in billions and billions of dollars from crypto.'