Senate Blocks Landmark Crypto Bill Amid Trump Investment Fears
The Clarity Act, a landmark cryptocurrency bill aimed at regulating the $2.3 trillion crypto industry, failed to advance in the Senate due to opposition from Democrats.
Sen. Bernie Moreno, R-Ohio, who helped lead negotiations and was an architect of the legislation, called it 'a very sad day for the Senate yesterday' after the measure failed a procedural vote 50-49.
The bill's failure is a blow to the crypto industry, which spent $130 million in the 2024 election cycle to support crypto-friendly candidates, including $40 million to help Moreno unseat former Sen. Sherrod Brown.
Democrats rebuffed an ethics provision that included some restrictions on President Trump's crypto investments, citing concerns that it did not go far enough to limit his ability to profit off existing holdings.