Trump-Backed Crypto Bill Fails in Senate Amid Opposition Over Self-Regulation

A much-hyped cryptocurrency bill, championed by President Trump and crypto executives, has suffered a significant defeat in the US Senate.

The Digital Asset Market Clarity Act, which aimed to establish regulations for the crypto sector, failed to clear a key procedural hurdle on Tuesday after receiving only 49 'yes' votes, far below the required 60. The bill was met with fierce opposition from Democrats, who argued that it would allow the industry to self-regulate and lacked sufficient safeguards.

Critics also pointed out that the bill would have given the Commodity Futures Trading Commission (CFTC) the majority of control over crypto oversight, raising concerns about the CFTC's ability to regulate the sector effectively. Despite efforts by Republicans to address these concerns with new language, including provisions aimed at preventing presidents and their families from profiting from cryptocurrency ventures, the bill ultimately fell short.