Senate Votes to Block Crypto Bill in Major Blow to the Industry
The landmark legislation, known as the Clarity Act, stalled in the Senate as Democrats raised concerns about President Trump’s personal investments in crypto.
The US Senate recently rejected a bill aimed at regulating the digital asset market, causing disappointment for cryptocurrency companies. Members from both parties in the Senate rejected the bill during a procedural vote on Tuesday, marking a setback for legislation that had been widely supported by cryptocurrency firms. Bloomberg reported that Democrats had expressed concerns over the ethical aspects of the bill, particularly regarding President Donald Trump's business ties within the cryptocurrency sector.
The legislation sought to give the Commodity Futures Trading Commission the main authority to regulate the digital asset industry, but it necessitated a full 60 votes to succeed, a requirement that was not reached in the vote. The defeat of the bill represents a major setback for cryptocurrency companies and organizations that had invested significant resources, both financially and in terms of time, to achieve comprehensible and enduring regulations from Congress, just two months prior to the midterm elections.
In the cryptocurrency markets, Bitcoin declined by 5.11% to $75,057.41, marking its largest daily percentage decrease since June 2.
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