White House · Donald Trump · CLARITY Act · US Senate · Democrats · CoinDesk
How months of work on the Clarity Act all fell apart
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The Digital Asset Market Clarity Act was always doomed to fail.
Key facts
- More recently, in his June financial disclosure, he admitted to making $1.4 billion from his various crypto ventures during his first year back in office, more than half of the $2.2 billion total
- The Digital Asset Market Clarity Act was aimed at clearly defining how the industry’s two main regulators, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission
- Democrat concerns about President Donald Trump's crypto business ties stretch back to 2025
- The White House and Senate Republicans published a few proposals; Senate Democrats sent counteroffers; and Sens
Summary
The bill faced an uphill battle from launch; numerous political, policy and social factors would have needed to fall into place for it to succeed. According to interviews conducted with more than a dozen industry participants and legislative aides over the past 10 days, some of whom spoke on condition of anonymity so they could talk candidly about this fraught process, a confluence of factors killed the Clarity Act. The Senate ignored the House of Representatives' own Digital Asset Market Clarity Act, which had passed with a massive bipartisan vote; the Senate version was constructed in a piecemeal fashion; U.S. President Donald Trump and his White House complicated the negotiations; the crypto industry conducted a scattershot engagement with lawmakers throughout the process; Democrats rejected an ethics deal they felt fell short of their demands; and time was not on lawmakers' side as they headed into a midterm election.
The Digital Asset Market Clarity Act was aimed at clearly defining how the industry’s two main regulators, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, would oversee the roughly $3 trillion and growing crypto sector.