Trump ethics fight sinks CLARITY Act in dramatic Senate defeat
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Compiled by KHAO Editorial
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The CLARITY Act stalled in the Senate after a final round of bipartisan negotiations broke down and several Democrats who helped shape the bill refused to advance it.
Key facts
Sanders said crypto billionaires had spent nearly $300 million on the midterm elections while Trump and his family had collected more than $1.4 billion from crypto-related ventures
The measure failed to secure the 60 votes needed to invoke cloture on the motion to proceed with H.R. 3633, preventing the most consequential US crypto market-structure proposal from reaching
Thom Tillis to discuss possible final changes to restrictions governing crypto interests held by public officials
Elissa Slotkin said she opposed the bill because its restrictions on crypto interests held by Trump, his family and administration officials remained too weak
Summary
01 The Senate failed to advance the CLARITY Act after bipartisan negotiations collapsed and the bill fell short of the 60 votes needed for cloture. 02 The setback keeps the measure off the Senate floor, blocking progress on the most consequential US crypto market-structure proposal. 03 Sponsors must decide whether to reopen negotiations, especially over ethics rules that failed to retain several Democrats who helped shape the bill. The measure failed to secure the 60 votes needed to invoke cloture on the motion to proceed with H.R. 3633, preventing the most consequential US crypto market-structure proposal from reaching the Senate floor.