Clarity Bill Fails to Pass U.S. Senate Vote

The U.S. Senate failed to pass the Cryptocurrency Market Structure Act, known as the Clarity Bill, on a procedural vote held on September 15, with a 49-50 vote against it. The bill did not secure the necessary 60 votes for passage. According to AP News, Democrats opposed the bill, arguing that ethical restrictions limiting President Trump's family's virtual asset investments and business gains were insufficient. Democrats advocated for restricting federal officials from issuing digital assets during their tenure and requiring the president or next president to divest or place significant virtual assets in trust. Clarity Bill lead sponsor Senator Cynthia Lummis (R) stated that President Trump had accepted new ethical restrictions and largely incorporated Democratic demands. However, Senator Elizabeth Warren (D) criticized the amendment for failing to prevent further virtual asset gains by President Trump.