Senate Blocks Trump-Backed Crypto Clarity Act Amid Regulatory Gridlock

The Senate has failed to advance the Trump-backed Clarity Act, which aimed to establish a comprehensive federal framework for the cryptocurrency industry.

The bill, which would have established clearer rules for digital assets and determined whether particular tokens fall under securities or commodities laws, fell short of the required 60-vote threshold in a vote on Tuesday.

With all Democrats voting against it, along with a handful of Republicans, the motion to proceed with consideration of the Clarity Act was rejected by a narrow margin of 49-50.