Senate Rejects Clarity Act Amid Concerns Over Trump's Crypto Profits
The US Senate has failed to pass the 'Clarity Act', a bill aimed at establishing a comprehensive regulatory framework for the US cryptocurrency market. The legislation, which required 60 or more votes to advance, was defeated with 49 in favor and 50 against.
Every single Democratic senator voted against the bill, while there were also defections from Republican ranks, including Senators Susan Collins and Josh Hawley.
The main reason for the bill's defeat was concerns over presidential conflicts of interest, particularly President Donald Trump's profiting from cryptocurrency businesses.
Senator Elizabeth Warren argued that 'we should not pass a crypto bill that continues to allow President Trump to rake in billions of dollars in crypto profits while working-class families across the country struggle with rising prices.'