U.S. Crypto Regulatory Bill Stalled in Senate Despite Industry's $225M+ Lobbying Effort
Claire Weston
The US Senate ended its session without voting on the Clarity Act, the crypto industry's landmark regulatory framework, despite pouring over $225 million into Washington since Trump's second term began — record spending that bought only a tentative September date.
Why did the bill stall?
Senate Republican leader John Thune pushed the vote to September. The House passed its version last year, but some Senate Republicans worry bank customers could flee to higher-yielding crypto accounts.
This means → the deadlock is not a party-line fight. It is a split within the same caucus — even pro-crypto Republicans are hesitating.
Democrats, meanwhile, are using the bill as leverage, demanding Trump divest his personal crypto business interests before they let it advance.
How big is Trump's crypto exposure?
Trump reportedly earned over $1 billion from crypto-related ventures in 2025 — spanning the $TRUMP meme coin, the World Liberty Financial stablecoin, and digital-token projects.
His trust also holds over $1 billion in Trump Media & Technology Group shares; that company holds significant bitcoin reserves.
In plain terms = the president is himself a crypto super-player, making him both the bill's champion and its biggest conflict-of-interest problem.
Is there a compromise on the table?
Senators Thom Tillis (R, retiring) and Ruben Gallego (D) are negotiating a deal: officials must divest crypto holdings, but can defer capital-gains taxes on the sales.
Trump responded: "They want to single me out… I don't mind putting it in a blind trust — I let my kids run it."
This reflects both sides searching for an off-ramp, but whether a "blind trust run by my children" can resolve conflict-of-interest concerns remains an open question.
Where did the $225 million go?
From January 2025 through June, the crypto industry spent over $185 million on political donations for the 2026 election cycle, plus over $40 million on direct congressional lobbying.
The super PAC Fairshake raised nearly $140 million by June, funded mainly by Ripple Labs, Coinbase, and tech billionaires Marc Andreessen and Ben Horowitz.
Crypto.com's US entity gave $35 million to the pro-Trump super PAC Maga Inc; the Winklevoss twins donated $21.3 million in bitcoin to the Digital Freedom Fund and over $10 million to Maga Inc.
Why is the industry so anxious?
Coinbase CEO Brian Armstrong posted: "The Senate has had the Clarity Act for a year… the question is whether some groups will try to delay legislation that already has broad bipartisan support."
Pro-bill Senator Cynthia Lummis wrote: "Death by a thousand cuts is just as fatal as a single shot."
GSR chief legal officer Joshua Riezman warned that if the bill fails, "the real risk is a Gensler 2.0 two years from now" — a return to aggressive enforcement. This means → the industry fears not just losing this round, but that once the window closes, the next regulator could be far tougher.
Content is for reference only, not financial advice.