Major crypto bill crumbles in Senate

The Senate failed Tuesday to pass a major cryptocurrency bill in a procedural vote after the industry advocated for its passage. The Digital Asset Market Clarity Act fell short of the 60-vote threshold in a 49 to 50 vote after Democrats and Republicans could not agree on an ethics provision. The crypto industry lobbied for the legislation, which would provide a regulatory framework for cryptocurrency and digital assets, while the banking industry opposed the bill. Republican Sens. Tim Scott of South Carolina, Cynthia Lummis of Wyoming and John Boozman of Arkansas brought the legislation to the chamber after it passed the House. Some senators, including Republican Sens. Josh Hawley of Missouri and John Curtis of Utah, expressed concern over the legislation's impact on banks, particularly while the banking industry opposed the bill. Hawley vowed he would vote with his constituents who were "very worried" about the bill's effect on community banks. "I'm going to vote with my state on this," Hawley said. "I can tell you that my state right now -- agriculture folks, local community people -- are very, very worried about the effect on community banks. They are blowing me up over...

Source: https://www.bizpacreview.com/2026/09/15/major-crypto-bill-crumbles-in-senate-1659109/