Senate Blocks Crypto Regulation Bill Amid Trump Family Concerns
A bill to regulate cryptocurrency was voted down in the US Senate on Tuesday, marking a major setback for the sector. The Clarity Act failed to pass after Democrats and some Republicans blocked a procedural vote, falling short of the required 60-vote threshold.
The motion to continue consideration of the bill received 49 votes in favor but was met with 50 against, indicating that roughly a dozen Democrats who were initially seen as potential yes voters ultimately decided not to back the legislation. Concerns over President Donald Trump and his family's involvement in the crypto sector contributed to the blockage.
Crypto regulations had been proposed by Republicans, including a ban on government officials issuing or sponsoring cryptocurrency assets. The bill also granted authority to state attorneys general to bring cases against departments or exchanges for violations, initially limited to the Department of Justice (DoJ).
The Bitcoin price has seen some decline following the vote, dropping from $82,000 to around $76,433 at the time of writing.