On Tuesday, the US Senate vetoed a wide-ranging cryptocurrency bill, which was opposed by Democrats and a few Republican lawmakers. After months of intense negotiations between the two parties, the bill ultimately ended in a fierce defeat. The Senate rejected the so-called Clarity Act with 49 votes in favor and 50 against, causing a heavy blow to the crypto industry. Democrats said the bill failed to fully address President Trump's potential conflicts of interest in the digital asset sector; some Republican lawmakers were affected by banking-related concerns. All Democratic lawmakers voted against it, and as a result, the bill lost the bipartisan support necessary to break through the first round of procedural hurdles in the Senate. About a dozen Democratic senators participated in negotiations on the bill for several months, but none voted for it on Tuesday; they believe that the government's moral restraints and consumer protection provisions in the bill are insufficient.

On Tuesday, the US Senate vetoed a wide-ranging cryptocurrency bill, which was opposed by Democrats and a few Republican lawmakers. After months of intense negotiations between the two parties, the bill ultimately ended in a fierce defeat. The Senate rejected the so-called Clarity Act with 49 votes in favor and 50 against, causing a heavy blow to the crypto industry. Democrats said the bill failed to fully address President Trump's potential conflicts of interest in the digital asset sector; some Republican lawmakers were affected by banking-related concerns. All Democratic lawmakers voted against it, and as a result, the bill lost the bipartisan support necessary to break through the first round of procedural hurdles in the Senate. About a dozen Democratic senators participated in negotiations on the bill for several months, but none voted for it on Tuesday; they believe that the government's moral restraints and consumer protection provisions in the bill are insufficient.