Trump's Crypto Windfalls Foil Industry's Looser Regulation Push
The crypto industry has suffered a setback due to revelations of President Donald Trump's lucrative crypto businesses. The industry had secured bipartisan support for the Clarity Act, which aimed to provide light-touch regulation over crypto assets.
However, Democratic support in the Senate faltered as the news about Trump's conflicts of interest surrounding his crypto wealth changed the political calculus. The final bill contained some ethics provisions, but they didn't suffice to keep those Democrats on board.
The outcome leaves the industry in limbo and unsure of how to spend its campaign war chest ahead of the midterms. If it decides to invest heavily to defeat crypto-skeptical Democrats, it could risk a backlash should Democrats retake the House, the Senate, or both.