From CBS News · Kaia Hubbard · · 1m 20s
Senate crypto bill stalls at 49-50
A year of negotiating, more than 100 changes, and the Clarity Act still died 11 votes short.
In brief
A year of negotiating, more than 100 changes, and the Clarity Act still died 11 votes short. Both sides want crypto rules. The fight is over whether those rules let Trump keep his crypto income. Originally reported by CBS News.
Clarity Act falls short
The Senate voted 49 to 50 on Tuesday, well under the 60 needed to advance the sweeping crypto bill. Every Democrat and four Republicans voted no.
What the bill would do
It would set a regulatory framework for digital assets and split jurisdiction between the CFTC and the SEC, two agencies that have policed crypto in sometimes contradictory ways.
Thune's pitch
The majority leader called it the next logical step after last year's Genius Act on stablecoins, which he credited with a light-touch approach that pushed the industry in the right direction.
“This is a shared priority, for Republicans, Democrats and President Trump.”
Take yes for an answer
Republicans point to more than 100 Democrat-requested changes and a final draft released over the weekend. Thune accused Democrats of choosing politics over policy.
“The only reason for this progress to end now would be if the Democrats choose politics over good policy.”
Warren's objection
She said she wants a bipartisan crypto bill, just not this one, calling it a threat to families, the economy and national security.
“This bill poses a massive risk to families, to our economy and to national security.”
The $1.4 billion problem
Disclosures show Trump earned $1.4 billion in crypto income last year from a meme coin and his family's crypto firm. Democrats say the bill's ethics language is written to leave that untouched.
“A tiny little fig leaf that claims they're doing something about corruption.”
The bottom line
Both sides want crypto rules. The fight is over whether those rules let Trump keep his crypto income.