Clarity Act Stalls in Senate Over Trump Family Crypto Conflicts

The U.S. Clarity Act, long sought by the cryptocurrency industry, failed to clear the Senate. Republicans and Democrats traded amendments up until the vote, but the effort ultimately foundered on a conflict-of-interest dispute stemming from the $1.4 billion (about 1.9152 trillion won) that President Donald Trump's family earned from crypto ventures.

According to financial industry sources on the 16th, the Senate held a procedural vote on the 15th to advance the Clarity Act to floor debate but fell short of the 60 votes needed. The tally was 50 in favor and 49 against, with four Republicans joining Democrats, who had opposed the bill.

The Clarity Act is a market-structure bill that would define the regulatory framework for the U.S. crypto market. It would spell out how digital assets are legally classified and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The central sticking point between the two parties was the Trump family's crypto business. According to the Associated Press, Trump disclosed in financial filings that he earned more than $1.4 billion from crypto ventures last year. Income from World Liberty Financial, a crypto firm in which the Trump family holds a controlling stake, alone topped $500 million.