Trump's Cryptocurrency Corruption Kills Senate Bill
Nevada's senators voted against it, but Trump's flagrant self-enrichment through cryptocurrency was ultimately what killed the crypto bill. The Clarity Act, which had passed in the House last year, aimed to legitimize cryptocurrency and give it intrinsic value, allowing it to creep into the US financial system.
The industry believed that if the bill was enacted, it would allow Wall Street to gamble with workers' pensions and 401(k)s by making it easier to invest their retirement savings in cryptocurrency.
However, a handful of Senate Democrats, including Nevada's Catherine Cortez Masto and Jacky Rosen, joined Republicans in rejecting the bill due to concerns over Trump's use of cryptocurrency to monetize his presidency. The industry had spent years lobbying for this bill, but it was ultimately torpedoed by Trump's own cryptocurrency corruption.
The American Federation of State, County & Municipal Employees (AFSCME) applauded the Senate's decision, stating that it would prevent Wall Street from gambling with workers' pensions and 401(k)s. The crypto industry is now left wondering what will happen in the next Congress, as they know there won't be another chance to pass this legislation.