The U.S. Senate on Tuesday failed to advance a sweeping cryptocurrency bill known as the Clarity Act. Scheduled by Majority Leader John Thune, the vote blocked the legislation from moving forward, dealing a blow to the crypto industry's push for a comprehensive market framework.
Opposition to the bill came from Democrats and a handful of Republicans who expressed concerns regarding ethics standards. Specifically, Democrats raised concerns that the legislation would not do enough to address President Donald Trump’s personal investments and his crypto empire.
The result of the vote effectively puts the Clarity Act on ice as Congress prepares to depart Washington ahead of November’s midterm elections.