Senate Blocks Crypto Clarity Act Amid Trump Family Ties Concerns
The US Senate's failure to advance the Digital Asset Market Clarity Act has sent shockwaves through the cryptocurrency industry, causing prices of major assets like XRP, Ether, Solana, and Bitcoin to plummet.
The legislation, which aimed to establish clearer rules governing digital assets by dividing responsibilities between the SEC and CFTC, fell short of the 60 votes needed to clear a procedural hurdle.
Despite years of campaigning and hundreds of millions of dollars spent trying to get a regulatory framework through Congress, disagreements over ethics provisions restricting senior government officials' crypto business interests proved insurmountable.
The compromise bill included more than 600 pages of revisions, but Democrats demanded stronger safeguards covering President Donald Trump's family involvement in the industry.