Crypto prices tumble as Senate blocks Clarity Act amid concerns over Trump family's crypto ties
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What just happened? It's not been a good 24 hours for the cryptocurrency industry. Yesterday saw the US Senate fail to advance the Digital Asset Market Clarity Act, dealing a massive blow to companies hoping for clearer rules governing digital assets. Crypto prices have also taken a beating, with XRP, Ether, Solana, and Bitcoin all falling.
The legislation failed to secure the 60 votes needed to clear a procedural hurdle. As CoinDesk reports, the result follows years of campaigning and hundreds of millions of dollars spent trying to get a regulatory framework through Congress.
The Clarity Act would establish how different cryptocurrencies and blockchain projects are regulated, dividing responsibilities between the SEC and the Commodity Futures Trading Commission. The latter would gain new authority over crypto spot markets, where digital assets are...
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