Crypto Industry Suffers Major Setback as Senate Rejects Clarity Act
The U.S. Senate's vote against advancing the Clarity Act is a significant setback for the crypto industry, which spent over $300 million on the 2024 and 2026 elections to push crypto policy into the mainstream.
The bill aimed to establish a regulatory framework for the $2 trillion cryptocurrency market, but was met with opposition from Democrats and a handful of Republicans. Four Republicans voted against advancing the bill, which is crucial to the future of the industry in the U.S., according to crypto companies.
The defeat came as President Donald Trump's personal crypto dealings became a flashpoint for Democrats, making it difficult for them to support the bill. The banking lobby also opposed the provision that could create competition for deposits, hurting lending, and dragged out talks.