Trump-Backed Crypto Bill Crashes in Senate Amid Democratic Opposition

The Clarity Act, a bill championed by President Trump and crypto executives, has suffered a stinging defeat in the U.S. Senate.

The massive 600-page bill aimed to establish the first regulations for the crypto sector in U.S. history, but it was met with entrenched Democratic opposition after passing the House last year.

Crypto companies had amassed tens of millions of dollars to spend on the upcoming elections, hoping to pass the Clarity Act sooner, but money wasn't enough to erase the disagreements that have dogged the bill for months.