Trump-Backed Crypto Bill Fails to Advance Amid Bipartisan Opposition

A comprehensive cryptocurrency regulatory package backed by President Donald Trump failed to advance in the Senate due to bipartisan opposition.

The bill, known as the Clarity Act, aimed to integrate digital currencies into the US financial system. However, it faced criticism from both Democrats and Republicans over concerns about ethics language and foreign money laundering regulations.

Senator Cynthia Lummis (R-Wyo.), the primary architect of the bill, stated that 'we're done' with the legislation, citing that proponents had addressed over 120 requests from lawmakers. Despite attempts to amend the bill at a midnight hour update, it failed to gain sufficient support.

Several Senate Democrats expressed concerns about the ethics language and its potential impact on Trump's family-owned crypto empire, which saw significant growth between 2024 and 2025, with an increase of approximately 250% in income. The bill's demise allows the Senate to focus on other legislative priorities, such as Sen. Ted Cruz's college sports bill.