How Trump’s crypto winnings undermined the industry’s push for looser regulation
Trump disclosures of more than $1.4 billion in crypto income helped drive Democratic defections and sink the bill on a 60-vote test, Reuters reported.
- On Sept 15, 2026, the Senate rejected the Clarity Act on a procedural vote, falling short of the required 60-vote majority needed to advance the crypto regulation bill.
- The crypto industry spent over $119 million to back candidates, seeking to categorize most crypto as commodities to avoid stricter Securities and Exchange Commission oversight that applies to securities like stocks.
- Trump's financial disclosures in June revealed more than $1.4 billion in crypto-related income for 2025; a Reuters investigation put the Trump family's total take from four crypto ventures at about $2.3 billion since the 2024 election.
- Coinbase CEO Brian Armstrong's January opposition forced delays and multiple revisions; attempts to add ethics provisions failed to win over Senate Democrats, while banking groups rejected the final Treasury Department compromise language.
- Opposition from banking interests prompted three Republicans to defect, dooming the bill and leaving the long-term durability of crypto's regulatory gains uncertain ahead of the November 2026 midterm elections.
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fastcompany.com
The crypto industry has just suffered a paradoxical defeat: Its biggest backer, President Donald Trump, inadvertently helped scuttle chances for a major legislative win, thanks to revelations of the riches he and his family have made off of their crypto ventures. The industry is now scrambling to advance its agenda through crypto-friendly regulation instead of legislation. But the prospect of Democratic control of one or both chambers of Congres…
The Conversation
How Trump’s crypto winnings undermined the industry’s push for looser regulation
The crypto industry tried to seize the chance to legislate massive deregulation once President Donald Trump started his second term. AP Photo/Mark HumphreyThe crypto industry has just suffered a paradoxical defeat: Its biggest backer, President Donald Trump, inadvertently helped scuttle chances for a major legislative win thanks to revelations of the riches he and his family have made off of their crypto ventures. The industry is now scrambling …
The American cryptocurrency industry suffered a paradoxical political defeat, as its biggest political supporter, Donald Trump, ...
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