US Crypto Bill Crashes Amid Partisan Gridlock and Ethics Fears
The US Senate's attempt to pass landmark cryptocurrency legislation has collapsed due to partisan deadlock. The Digital Asset Market Clarity Act, which aimed to establish a comprehensive federal framework for digital-asset markets, failed to secure the necessary 60 votes in the Senate.
The bill would have divided oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, replacing the current regulatory patchwork. However, Democrats objected to provisions that they believed could benefit President Donald Trump's business interests, which earned over $1 billion from crypto ventures last year.
Massachusetts Senator Elizabeth Warren argued that the bill posed 'massive risks' to families and national security, while also turbocharging Trump's ability to profit from cryptocurrency. Wyoming Senator Cynthia Lummis countered that the final text incorporated more than 120 changes sought by Democrats, but Democrats remained unconvinced.