Senate blocks Trump-backed Clarity Act crypto bill

Opponents saw the bill as too lenient on the industry, without enough safeguards.

Coinbase vice chair Ryan VanGrack said tens of millions of Americans invest without clear oversight.

Critics say handing the CFTC the bulk of oversight was a way to avoid heavy scrutiny.

VanGrack said people should want crypto regulated whether they love it or hate it.

VanGrack said this was the best opportunity ever to regulate crypto.

Critics said the divest language was loose enough for the president to avoid it.

Rainey asked who would fund small businesses and farmers if local deposits leave community banks.

Rainey said she does not think the crypto industry would fund those borrowers.

Thune said the Genius Act provided a light-touch approach to digital-asset regulation.

Thune said the bill ensures companies cannot skirt securities laws that apply to other financial assets.

Thune argued the bill protects Americans investing in digital assets.

Thune said the question is whether Democrats will take yes for an answer.

Warren argued the Clarity Act would turbocharge Trump’s corruption.

Warren said Congress can get bipartisan crypto legislation, but not this bill.

Thune said progress would end only if Democrats choose politics over good policy.

Warren said the bill poses a massive risk to families, the economy and national security.

Thune said the bill is a shared priority for Republicans, Democrats and Trump.

Warren claimed no one has more to gain personally from the bill than the president.

Thune said now is not the time for political games.

Warren said the ethics language is a fig leaf that will not stop Trump’s next $1.4 billion in crypto profits.

Warren argued Trump will never be held accountable under the law.

Warren urged Republicans to negotiate a real bipartisan crypto bill.

Warren said the Senate should not pass a bill that lets Trump rake in billions in crypto profits.

Gallego said the latest version of the legislation leaves a lot to be desired.

Tillis said the two sides were so close.

Tillis said it was a shame not to take the opportunity.

Lummis said a no vote means opposing ethics reforms and handing digital-asset leadership to foreign competitors.

Opponents say the bill is a giveaway to an industry that donates generously to both parties.

Murphy said the industry is trying to ram the bill through with election-spending threats.

Supporters say the bill would give the industry legal certainty and protect consumers.

Armstrong wrote after the 2024 election that being anti-crypto is a good way to end a career.

Warren said the bill fails to adequately protect investors, the financial system and national security.

Lummis wrote that Democrats are anti-consumer, anti-free enterprise and pro-socialism.

Ripple CEO Brad Garlinghouse said the vote stings.

Garlinghouse said Democrats elevated anti-crypto politics over good policy.

White House crypto adviser Patrick Witt called the vote a major disappointment.

Witt said the result increases the risk that global market standards will come from Brussels or Beijing.

Garlinghouse said a post mortem needs to be done on why the bill failed.

Gallego said the bill failed because Republicans refuse to say no to the president.

Cortez Masto said the bill would undermine law enforcement, leave prediction markets as is, and skimp on ethics.

Gallego said he would not support legislation that enables Trump.

Cortez Masto said Republican leadership refuses to accept commonsense solutions.

Lummis said Senate Democrats proved they were never serious about protecting consumers.

Alsobrooks said she will keep fighting to regulate crypto and protect American owners.

Lummis said Democrats are anti-consumer, anti-free enterprise and pro-socialism.

Gallego said Republicans should have worked with Democrats on strong ethics provisions instead of appeasing Trump.

Lummis said she sat with Democrats in good faith while they played games.

Lummis said Democrats are now anti-American.

Tillis said the sides made substantial bipartisan progress in large part because of the White House.

Tillis said the procedural motion allows continued work toward a positive outcome.

Stand With Crypto’s Mason Lynaugh said advocates will vote accordingly in this and future elections.

Kim said the vote is disappointing but not the end on multiple fronts.

Mersinger said the industry will not rest until it has clarity in the United States.

Wysocki said many no votes were close to yes if given more time on finer points.