Senate Blocks Trump-Backed Crypto Bill 50-49 — SkimNews
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- The U.S. Senate voted 50-49 to advance the Clarity Act, falling 10 votes short of the 60-vote threshold, as four Republicans — Jerry Moran, Susan Collins, Josh Hawley, and Thom Tillis — joined all Democrats in opposition.
- Thom Tillis switched his vote from yes to no in a procedural maneuver preserving his ability to bring the bill back for reconsideration later.
- The Clarity Act aimed to create a lasting regulatory framework for digital assets; the crypto industry spent hundreds of millions of dollars campaigning for the bill.
- Donald Trump, who has earned more than US$1.4 billion from his family's crypto ventures, had urged Congress to pass the bill and branded himself a "crypto president" during the 2024 campaign.
- Bitcoin dropped more than 5% as the vote appeared to fail — its biggest daily percentage decline since June — while shares of Coinbase and stablecoin issuer Circle fell as much as 10%.
- Coinbase CEO Brian Armstrong expressed disappointment after the vote but said the SEC and CFTC "have the tools they need to create clear rules under existing authority" and that he expects them to begin working on this in earnest.
Why it matters: Trump personally earned over $1.4 billion from his family's crypto ventures and pushed hard for the Clarity Act, but the crypto industry's hundreds of millions in lobbying couldn't overcome bipartisan concerns. The failure now leaves the SEC and CFTC to write rules under existing authority — a path Coinbase's CEO welcomed but analysts say is vulnerable to political reversals and court challenges.
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