US Senate Blocks Trump-Backed Crypto Bill in Major Blow to Industry

The US Senate failed to advance the Clarity Act, a comprehensive cryptocurrency bill backed by President Donald Trump. The vote fell short of the 60-vote threshold needed for most legislation in the 100-seat chamber.

The bill's defeat is a major blow for digital asset companies and Republicans who championed it. Four Republican senators - Jerry Moran, Susan Collins, Josh Hawley, and Thom Tillis - joined all Democrats in voting against it.

Tillis switched his vote from yes to no, preserving his ability to bring the measure back up for reconsideration later. The Clarity Act aimed to create a regulatory framework for digital assets, which crypto companies say would put them on more solid legal footing.