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Trump-Backed Crypto Bill Fails to Clear Senate Hurdle

Guavy AI Editorial Team
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A comprehensive crypto bill aimed at bringing cryptocurrencies into mainstream US finance has been blocked in the Senate, dealing a significant blow to the sector and its key supporter, Donald Trump. The Clarity Act needed 60 votes but only secured 49.

The Democrats were opposed due to concerns over Trump's lucrative crypto holdings and potential impact on smaller community banks. Trump made $1.4 billion from his crypto interests last year.

Trump, a former skeptic of cryptocurrencies, turned into their biggest advocate during his second term. He promised to make the US 'the crypto capital of the world.'

The failure of the bill means the debate over regulating cryptocurrencies may be reopened if the Democrats take control in November or 2028.

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