Trump's Crypto Income Derails Industry's Clarity Act

The crypto industry's landmark Clarity Act failed to pass in the Senate, and it has become clear that President Donald Trump's $1.4 billion in crypto income was a major obstacle.

The bill aimed to settle the question of who regulates what in the crypto market, dividing responsibility between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Crypto companies had invested heavily in trying to reshape Washington with their support for Trump's administration.

The industry scored some major wins under Trump, including the dismantling of much of the enforcement regime and the signing of landmark stablecoin legislation.