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The crypto industry saw Trump as its savior. His crypto business just snagged a key bill
The crypto industry has spent years and millions of dollars lobbying for regulation that would more closely weave digital assets into traditional finance. When President Donald Trump made a heel-turn on crypto in 2024, supporters hoped that heâd finally put an end to their regulatory limbo.
That dream hit the skids on Tuesday, when Republican senators failed to get the industryâs signature legislation through a key procedural vote. The final snag: Trumpâs own crypto empire.
The president has raked in more than $1 billion from various crypto businesses that he and his sons launched shortly before he was sworn in last year.
Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
The Senate on Tuesday voted to block the Clarity Act from advancing, dealing a major blow to the crypto industry's push for a comprehensive market structure framework.
The procedural vote leaves the bill stalled on Capitol Hill after months of negotiations aimed at building bipartisan support. Republican leaders had released a revised version of the bill Sunday, adding new ethics restrictions to address Democratic concerns about public officials profiting from crypto ventures. Those changes weren't enough, however, to resolve the remaining opposition.
The vote was a stunning loss for the crypto industry, which had exuded confidence that enough senators would vote to advance the bill. Leading up to the vote, Democrats expressed frustration that Republican negotiators didn't meet their demands regarding ethics to address profits gained from crypto ventures by President Donald Trump and his family.
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