Trump Family Fortunes Derail Crypto Industry's Regulatory Push

The crypto industry suffered a setback when President Donald Trump's family fortunes were exposed, undermining efforts to pass the Clarity Act.

The bill aimed to provide light-touch regulation over crypto assets, but it ultimately died in the Senate after several attempts at compromise.

The legislation would have placed most crypto trading under the Commodity Futures Trading Commission and exempted tokens from being treated as securities, leaving investors without protections similar to those in securities markets.

The industry's lobbying efforts secured some wins, including the GENIUS Act, which established a framework for stablecoins, but the Clarity Act remained the key goal.