‘Time to crime’: Trump’s grand plan dealt a serious blow

September 16, 2026 — 11:59am

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A crypto-boosting bill that would have brought cryptocurrencies into the mainstream of US finance failed in the US Senate on Tuesday, dealing the sector and its promoter-in-chief, Donald Trump, a serious setback.

The Clarity Act, which would have created the first comprehensive regulatory framework for crypto assets, needed 60 votes to be passed. It attracted 49, with the Democrats and several Republicans voting against it.

The failure of the Senate to pass the legislation, more than a year after it sailed through the House on party lines, came despite intense lobbying from the White House and the crypto sector, which spent more than $US100 million ($140 million) lobbying in support of the legislation – after spending multiples of that amount backing Trump and crypto-supportive candidates in the 2024 election campaigns.

It failed in the Senate primarily for two reasons.

One – and the one the Democrats were most focused on – was Trump’s lucrative crypto holdings. The other was the potential impact on US banks, particularly the smaller community banks.

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The Democrats wanted changes to the bill to prevent US presidents and other public officials from holding and trading crypto assets. Trump, of course, made more than $US1.4 billion from his crypto interests last year.

“All President Trump wants is time to crime,” Democrat senator Ruben Gallego said after the vote.

“This legislation failed squarely because Republicans refuse to say no to the president.”

Republicans had tried to........

© The Age