US Crypto Bill Blocked Over Fears of Trump Profiteering

A bill aimed at creating a new regulatory framework for cryptocurrency in the US has been blocked by Democrats, who are demanding stronger safeguards to prevent President Donald Trump and his family from profiting from the asset.

The CLARITY Act, which would establish clearer rules for determining how digital assets are regulated and divide oversight responsibilities between the Securities and Exchange Commission and Commodity Futures Trading Commission, was voted down in the Senate with a 49-50 margin.

Senator Elizabeth Warren argued that the bill should not be passed until it includes provisions to prevent Trump from continuing to 'rake in billions of dollars' in crypto profits while working families struggle.

The Democrats are open to negotiating, with Virginia Senator Mark Warner stating that landmark legislation governing the industry cannot pass if the president is allowed to personally profit from it.