US Senate Rejects Crypto Bill Backed by Trump
The US Senate failed to advance the Digital Asset Market Clarity Act, a comprehensive cryptocurrency legislation backed by President Donald Trump. The bill needed 60 votes to move forward but only secured 50-49 in favor. Four Republican senators and all Democrats voted against it.
Massachusetts Senator Elizabeth Warren said the bill posed 'massive risks' to families, national security, and the economy. She also claimed that it would benefit Trump's ability to profit from crypto.
The defeat is a major blow to efforts to establish a federal framework for digital-asset markets. Community banks opposed provisions allowing rewards on stablecoin holdings, which they feared could pull deposits out of traditional lenders and reduce funding available for farmers and small businesses.