"Sad day for the Senate": Sen. Moreno discusses blocked cryptocurrency bill

WASHINGTON, D.C. — The Senate blocked a major cryptocurrency bill from advancing on Tuesday, after Democrats demanded stricter limits on President Donald Trump’s crypto investments.

The Clarity Act, Republicans’ landmark cryptocurrency bill to regulate the nation’s $2.3 trillion crypto industry, failed a procedural vote on the Senate floor 50-49.

“It was a very sad day for the Senate yesterday,” Sen. Bernie Moreno, R-Ohio, said in an interview with Spectrum News.

Moreno, a former tech executive in blockchain, the technology behind crypto, was an architect of the legislation and helped lead negotiations.

“We’ve worked for thousands of hours for 18 straight months,” he said.

The measure failed over concerns about Trump’s highly lucrative involvement in the crypto industry. The president reported more than $1.4 billion in crypto-related income in 2025.

After Senate Democrats rebuffed an ethics provision including some restrictions the White House had agreed to in July, Republicans offered an updated ethics provision. However, even the updated provision would only block federal officials from issuing new crypto assets. It would not block the president from profiting off his or his family’s existing crypto holdings, and it would expire the day Trump leaves office.