Trump's Crypto Business Interests Scuttle Key Bill Amid Regulatory Limbo
The crypto industry has been waiting for years for regulatory clarity, and it seemed like President Donald Trump was finally going to deliver. However, his own business interests have derailed efforts to pass a key bill.
Republican senators failed to get the Clarity Act through a procedural vote on Tuesday, with Democrats opposing the bill due to concerns that it didn't sufficiently prevent public officials from trading crypto.
President Trump has made over $1 billion from various crypto businesses he and his sons launched before taking office. Democrats argued that the bill was too lenient and allowed for potential conflicts of interest.
Senate Majority Leader John Thune defended the bill, saying opponents had moved the goalposts after a year of negotiations. However, Democratic Senator Ruben Gallego accused Republicans of abruptly ending negotiations to force a vote.