Collins Breaks with Trump on Crypto Regulation Bill

U.S. Sen. Susan Collins broke ranks with President Donald Trump and Republicans on Tuesday by voting against advancing a major cryptocurrency regulation bill, known as the Clarity Act.

The bill, which aimed to provide a uniform regulatory framework for the industry, fell short of the 60 votes needed to advance, failing by just 11 votes. The measure was met with opposition from Democrats who argued it lacked sufficient safeguards against Trump and his family profiting from the crypto industry while he is in office.

Trump reported over $1.4 billion in crypto business revenue last year, including more than $500 million tied to World Liberty Financial, a firm his family controls. Democrats called on Republicans to work with them to craft a bill that included stronger ethics provisions, but no deal was reached.

The White House has vowed to continue pushing its crypto agenda through federal agencies, warning that failure to pass the bill could lead to global standards being set in Brussels or Beijing instead of Washington.