The move came as the crypto industry faced a setback in Washington after the Clarity Act failed to advance in the US Senate earlier this week.
The legislation was aimed at establishing a clearer regulatory framework for digital assets by dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while setting rules for crypto exchanges, brokers and other market participants.
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The setback has also raised questions about the crypto industry’s close ties with US President Donald Trump. Trump and his ventures generated about $1.4 billion in crypto-related income last year, while his administration has rolled back parts of the enforcement approach followed under former President Joe Biden and supported legislation for stablecoins.
The crypto industry had spent hundreds of millions of dollars lobbying in Washington, seeking clearer rules and a more favourable regulatory environment.
While the administration has delivered several policy changes sought by the industry, the failure of the Clarity Act has left a key part of that broader regulatory push unresolved.
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The debate over the bill also shifted from its proposed rules for the crypto market to questions over conflicts of interest involving elected officials.
One of the measures considered by Republicans would have imposed tighter restrictions on lawmakers’ and other officials’ crypto holdings, potentially requiring Trump to sell substantial crypto interests or place them in a blind trust, but the effort failed to secure Democratic support.
