America's Cryptocurrency 'Clarity Act' Fails Spectacularly, Despite Hundreds of Millions in Industry Lobbying
The Cryptocurrency Clarity Act failed in the Senate despite the crypto industry spending hundreds of millions of dollars on lobbying. While the industry previously viewed Donald Trump as a savior, reports suggest his own crypto business interests contributed to the bill's collapse. Coinbase CEO Brian Armstrong stated there is another path forward as the industry shifts its focus toward Trump-appointed regulators to achieve its goals.
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- ✓ The Cryptocurrency Clarity Act failed in the Senate.
- ✓ The crypto industry spent hundreds of millions of dollars on lobbying for the bill.
What changed
The industry is pivoting from legislative efforts in the Senate to targeting Trump regulators.
Live updates
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Cryptocurrency Clarity Act Fails Despite Industry Lobbying
The Cryptocurrency Clarity Act failed in the Senate despite the crypto industry spending hundreds of millions of dollars on lobbying. While the industry previously viewed Donald Trump as a savior, reports suggest his own crypto business interests contributed to the bill's collapse. Coinbase CEO Brian Armstrong stated there is another path forward as the industry shifts its focus toward Trump-appointed regulators to achieve its goals.
Why it matters
The bill aimed to provide regulatory certainty for digital assets in the United States. Its failure leaves the legal status of many cryptocurrencies unresolved. This outcome follows a period of intense financial investment by industry players to influence federal legislation.
What is confirmed
- The Cryptocurrency Clarity Act failed in the Senate.
- The crypto industry spent hundreds of millions of dollars on lobbying for the bill.
Still unconfirmed
- The crypto industry viewed Trump as its savior.
What to watch next
- Statements from Brian Armstrong regarding the alternative path for regulation.
confidence 80%Sources used for this update (5)
- CNN — The crypto industry saw Trump as its savior. His crypto business just snagged a key bill
- Yahoo Finance — Coinbase CEO Brian Armstrong is moving past the Clarity Act's failure: 'There's another path'
- Nevada Current — NV senators voted against it, but Trump’s flagrant self-enrichment is what killed the crypto bill
- Slashdot — America's Cryptocurrency 'Clarity Act' Fails Spectacularly, Despite Hundreds of Millions in Industry Lobbying
- The Hill — Crypto shifts focus to Trump regulators after coming up short in Senate
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