US Senate Fails to Pass Crypto Regulation Bill Amid Ethics Concerns
The US Senate failed to pass the Digital Asset Market Clarity Act on Tuesday due to disagreements over ethics, banking, and regulation of the cryptocurrency industry.
The bill, which had been years in the making, would have established a comprehensive federal framework for digital-asset markets. It divided oversight largely between the Securities and Exchange Commission and the Commodity Futures Trading Commission, replacing a regulatory patchwork that has shifted between administrations.
Despite heavy lobbying from the crypto industry and a frantic final effort by Republicans to rewrite the legislation, the bill failed to secure the 60 votes needed to advance to a debate in the Senate. The defeat was a major blow to efforts to establish clear rules for digital-asset markets, with many experts warning that regulation is urgently needed to prevent risks to families, national security, and the economy.
The crypto industry has faced intense scrutiny from lawmakers, who have expressed concerns about President Trump's extensive crypto interests. The president and his family earned more than $1 billion from crypto ventures last year, according to financial disclosures.