Senate Rejects Crypto Regulation Bill Amid Fierce Debate

The US Senate failed to pass the Digital Asset Market Clarity Act on Tuesday, falling short of the required 60 votes. The bill, championed by President Trump, would have regulated the cryptocurrency market but was met with opposition from Democrats and some Republicans.

Democrats argued that the bill did not go far enough to address President Trump's crypto profits, while Republicans pointed to the 126 substantive changes made during negotiations. Senator Thom Tillis voted against the bill specifically to trigger a motion to reconsider, leaving a procedural route for the measure to return.

The final text of the bill included unprecedented ethics restrictions on President Trump's ability to issue or sponsor crypto assets, but opponents argued that it still contained loopholes. Senate Banking Ranking Member Elizabeth Warren warned that the bill would 'turbocharge' President Trump's ability to rake in billions from crypto and posed massive risks to families.