Trump at the center of the storm: Crypto law fails – and the market remains unregulated

The U.S. Senate narrowly blocked the world's largest cryptocurrency law after a clash between Trump and Democrats who demanded he sell his digital holdings. The market remains unregulated.

The U.S. Senate blocked the world's largest cryptocurrency law, the 'Clarity Act', by a narrow vote of 50 to 49, which was intended to create a regulatory framework for the global crypto market. Behind the vote lies a frontal clash between President Donald Trump and the Republicans against Democratic senators, who demand an end to what they call 'the president's personal enrichment party'. Trump reported revenues of over $1.4 billion from crypto businesses in the past year, including over $500 million from token sales of 'World Liberty Financial'. The Democrats demanded a mandatory sale of all Trump's holdings in the field and strict enforcement mechanisms. The Republicans harshly attacked and accused the Democrats of narrow political considerations ahead of the midterm elections. The crypto industry invested over $130 million in political campaigns to pressure lawmakers.