CNBC headlined it "Clarity Act faces make-or-break Senate vote on Tuesday as crypto industry pushes for bill". The crypto industry pushed hard for the measure heading into a pivotal procedural vote in the Senate.
The White House had agreed to new ethics restrictions in an effort to win over skeptical lawmakers. The Hill said: "When Democrats raised concerns, I took them directly to Trump, and he agreed to the strongest ethics provisions in U.S. history."1 The Washington Post headlined it "Trump agrees to stricter ethics rules Democrats demanded in crypto bill".
Despite that concession, the motion to proceed fell short of the votes needed to advance. CNBC reported: "The vote on the motion to proceed attracted 50 votes for and 49 against, far below the 60 votes needed to clear the procedural hurdle."2 "In a 49 to 50 vote, Senators voted to reject cloture on the motion to proceed"3, Decrypt noted.
Not every Republican backed the bill, and a handful joined Democrats in opposing it. The Daily Caller reported: "Republican Sens. Josh Hawley of Missouri, Jerry Moran of Kansas and Susan Collins of Maine voted “4no” with Democrats." Fox News headlined it "Trump-backed crypto bill fails to launch as Dems, Republicans unite to block it".
Critics questioned whether the ethics language went far enough given the scale of the president's crypto earnings. "a "weak fig leaf that will do nothing to stop him from making his next $1.4 billion in crypto profits."", CNBC said. Fox News reported: "That’s because Trump’s income between 2024 and 2025 erupted by about 250% — from just over $620 million to about $2.2 billion."5
One senator argued the changes amounted to little more than an attempt to shield conduct rather than fix policy. "they cared more about protecting the president's right to grift than trying to get a good bill on digital currency."5", Fox News said.
Some lawmakers also downplayed the bill's urgency for their constituents. "I can assure you that I'm not hearing from my constituents that their number one concern is to pass the Clarity Act,", CNBC said.
Negotiators on the bill's side described their final offer as incorporating a long list of changes sought by Democrats. "Republicans said the updated text, which they called their "last, best and final"3 offer, incorporated 126 substantive changes requested by Democrats", Decrypt said.
Yet one Republican involved in the talks said the Democratic counteroffer looked no different from where negotiations had started. ""Senate Democrats’ counter offer looks identical to their opening position at the start of recess,"6 Lummis said in a statement shared with CoinDesk.", CoinDesk said.
A senator also signaled plans to criticize the bill publicly ahead of the vote. CNBC headlined it "Warren to rip Clarity Act on Senate floor ahead of key preliminary vote".
Market watchers tracked the vote closely as it unfolded.
Questions remained afterward about whether the ethics concession would be enough to revive the effort.
