Trump dealt major crypto blow after making $1.4bn from family ventures

A comprehensive cryptocurrency bill backed by President Donald Trump failed to advance in the Senate on Tuesday, dealing a severe setback to digital asset firms and Republican lawmakers who had spent months pushing the legislation.

Known as the Clarity Act, the measure fell 10 votes short of the 60-vote threshold required to move most bills forward in the 100-seat chamber. Four Republicans — Senators Jerry Moran, Susan Collins, Josh Hawley, and Thom Tillis — voted against the measure alongside all Senate Democrats, leaving the result at 50-49 in favor.

The outcome effectively freezes the legislation, as lawmakers prepare to leave Washington this month ahead of November's midterm elections, where Republicans are fighting to maintain control of both the House of Representatives and the Senate.

Tillis changed his vote from yes to no as a procedural maneuver, preserving his right to call up the measure for reconsideration later.

On Sunday night, Senate Republicans published a revised version of the text in a final effort to resolve concerns raised by the banking sector and select Democrats, but critics remained unpersuaded.

Designed to establish a regulatory structure for digital assets, the Clarity Act was viewed by crypto firms as a way to secure firmer legal ground. The well-funded sector invested hundreds of millions of dollars in lobbying efforts to promote the bill.