Crypto Regulation Bill Suffers Defeat in US Senate

A bill aimed at regulating the cryptocurrency industry and establishing clear guidelines for its operation has suffered a setback in the US Senate. The Digital Asset Market Clarity Act, championed by President Trump and crypto executives, failed to gain enough support to pass a key procedural hurdle on Tuesday.

The bill, which spans over 600 pages, would have split oversight of the crypto sector between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), with the CFTC taking the majority of control. Critics argue that this handover was an attempt by the industry to avoid stricter regulation.

Supporters of the bill, including Ryan VanGrack, vice chair of Coinbase, argued that regulation would bring much-needed clarity and transparency to the sector, which has grown significantly in recent years.