US Senate Defeats Crypto Regulation Bill Amid Trump Conflict Concerns
The US Senate's attempt to pass the 'Clarity Act' has been defeated due to concerns over presidential conflicts of interest.
The bill, which aimed to establish a comprehensive regulatory framework for the US cryptocurrency market, required 60 or more votes to advance. However, with 49 in favor and 50 against, it failed to secure the necessary support.
Critics argued that President Donald Trump's family has been reaping massive profits through cryptocurrency businesses, which would not be addressed by the bill. Senator Elizabeth Warren stated, 'Let's be clear: we should not pass a crypto bill that continues to allow President Trump to rake in billions of dollars in crypto profits while working-class families across the country struggle with rising prices.'
The failure of the Clarity Act has sent shockwaves through the cryptocurrency market, with Bitcoin and Ethereum prices plummeting by over 5% and 7%, respectively. With the US Congress set to go into recess soon ahead of the November midterm elections, it remains uncertain whether the bill can be processed within the year.