Senate Rejects 'Dangerously Weak' Clarity Act on Crypto

The US Senate voted not to advance a major cryptocurrency bill on Tuesday, heeding warnings from critics that it would fail to regulate the volatile financial asset effectively and would allow President Donald Trump to continue profiting lavishly from it with little oversight.

Earlier reports indicated that crypto industry darling Sen. Kirsten Gillibrand (D-NY) was trying to rally enough Democrats to support the GOP-led Digital Asset Market Clarity Act to get the 60 votes necessary to break the filibuster.

But by Tuesday afternoon, even Gillibrand herself had jumped ship. In what turned out to be a 50-49 vote against the legislation, she joined every other member of the Democratic caucus to vote against the Clarity Act. So did four Republicans—Sen. Susan Collins (Maine), Josh Hawley (Mo.), Jerry Moran (Kan.), and Thom Tillis (NC).

Democrats who voted against the legislation said that a revised version presented by Republicans on Sunday failed to meet their demands for rules to prevent Trump and other high-ranking officials from profiting from their cryptocurrency ventures while in office.

In 2025, Trump reported roughly $1.4 billion in crypto-related income, including hundreds of millions from his family’s crypto exchange World Liberty Financial (WLF) and from sales of his $TRUMP meme coin.