Landmark US crypto bill fails as Senate splits over Trump ethics concerns - Financial Times

The failure of the landmark US crypto bill in the Senate leaves digital-asset regulation in the same legislative limbo it has occupied for several sessions. According to the Financial Times, the split was driven less by disagreements over crypto rules themselves than by concerns over the Trump family's crypto-linked business interests — an ethics dispute that cut across party lines and prevented the consensus needed to advance the measure.

For markets, the immediate relevance is procedural rather than directional. The bill's collapse means key questions — which agency oversees spot markets, how tokens are classified, and what disclosure standards apply — remain unresolved at the federal level. That vacuum keeps attention on regulators and the courts, which have driven much of US crypto policy through enforcement actions and litigation in the absence of legislation.

What to watch: whether a narrower bill can be revived, how the ethics dispute is handled, and whether states or agencies fill the gap first. Until then, regulatory uncertainty remains a structural feature of the US crypto landscape, not a passing phase.