Crypto Darling Gillibrand’s 11th-Hour Flip-Flop Helps Block Trump Crypto Bill

Live updates

1. 1h ago

   Senate blocks Clarity Act crypto bill

   The US Senate failed a cloture vote on the Clarity Act, blocking a regulatory bill linked to Donald Trump. This legislative collapse represents a significant blow to the cryptocurrency industry. The failure followed a late change in position by Senator Kirsten Gillibrand, who previously supported crypto interests. This outcome leaves the industry without the specific regulatory framework the bill intended to establish, while Bitcoin faces separate market pressure from anticipated Federal Reserve interest rate hikes.

   Why it matters

   The Clarity Act aimed to provide a defined regulatory structure for digital assets. Its failure maintains the current state of regulatory uncertainty for crypto firms. This happens as the Federal Reserve considers further rate increases.

   What is confirmed

   • The Senate cloture vote on the Clarity Act failed.
   • The failure of the crypto bill is a blow to the industry.

   Still unconfirmed

   • Senator Kirsten Gillibrand changed her position at the last minute to help block the bill.

   What to watch next

   • Future Senate attempts to introduce crypto regulatory legislation
   • Federal Reserve announcements regarding interest rate hikes
   Sources used for this update (6)

   1. CNBC — Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
   2. The New York Times — Senate Votes to Block Crypto Bill in Major Blow to the Industry
   3. C-SPAN — Congressional Chronicle - Members of Congress, Hearings and More | C-SPAN.org | C-SPAN.org
   4. Al Jazeera — US Senate crypto bill collapses in blow to industry
   5. Bloomberg.com — Bitcoin Under Renewed Pressure as Looming Fed Hike Adds to Woes
   6. The Intercept — Crypto Darling Gillibrand’s 11th-Hour Flip-Flop Helps Block Trump Crypto Bill
   confidence 90%