Clarity Act preliminary vote falls short in Senate amid ethics fight over Trump’s crypto wealth
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An initial vote to try to push the Clarity Act closer to becoming law fell flat amid Democratic opposition to President Donald Trump's vast crypto wealth.
Key facts
On Monday, SEC Chair Paul Atkins said lawmakers should advance the Clarity Act, but said his agency was moving onward
On Tuesday, the U.S. Senate failed to advance the bill without the necessary 60 votes
Kirsten Gillibrand, Catherine Cortez Masto, Angela Alsobrooks, Cory Booker and Mark Warner ultimately voted against it
But Democrats have said that provision is not enforceable given that the Justice Department would decide whether to bring an enforcement action against the president
Summary
On Tuesday, the U.S. Senate failed to advance the bill without the necessary 60 votes. Shortly after the vote, Warner said a bill could not move forward that would allow the president to profit personally from the crypto industry. "We got close to resolving some of the toughest outstanding issues around law enforcement and national security, but ultimately, the failure to address this fundamental conflict of interest made it impossible for me to support moving forward," Warner said in the statement. Cynthia Lummis, R-Wyo., the bill’s lead architect, had called the moment “now or never" ahead of the cloture vote, in a post on X.