US Senate crypto bill collapses in blow to industry
The defeat dealt a major blow to efforts to establish the first comprehensive federal framework for digital-asset market
The United States Senate has failed to advance comprehensive cryptocurrency legislation backed by President Donald Trump in a major blow for digital-asset companies and Republicans who had championed the bill for months.
The Digital Asset Market Clarity Act failed on Tuesday to secure the 60 votes needed to advance to a debate in the Senate, with safeguards governing Trump’s extensive crypto interests among the biggest obstacles to a deal.
Four Republican senators – Jerry Moran, Rand Paul, Josh Hawley and Thom Tillis – joined all the Democrats in voting against it. The vote was 50-49 in favour.
Community banks fiercely opposed provisions allowing rewards on stablecoin holdings, arguing they could pull deposits out of traditional lenders and reduce funding available for farmers and small businesses.