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Senate Votes to Block Crypto Bill in Major Blow to the Industry
The US Senate blocked the Clarity Act, a crypto-focused bill, signaling continued legislative gridlock for the industry.
What: The Senate voted against moving forward with the Clarity Act, which aimed to establish business-friendly rules for cryptocurrency. Democrats largely opposed the bill, citing concerns that it lacked sufficient guardrails to prevent conflicts of interest for public officials.
Why it matters: This indicates that despite industry lobbying, significant legislative progress on crypto regulation remains stalled due to partisan disagreements over financial transparency.
Original article
The US Senate has voted to block consideration of the Clarity Act, a piece of legislation that would create business-friendly rules for cryptocurrencies. The vote makes it unlikely the legislation will pass anytime soon, if ever. Many Republicans embraced the bill, but Democrats largely opposed it. The Democrats wanted stronger language to prevent public officials from using crypto to make money. President Trump generated $1.4 billion from a network of crypto businesses last year.
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