Trump reiterates Senate must pass the bill

Summary

President Trump reiterated he will not sign any legislation until Congress first passes the SAVE America Act, a bill focused on stricter voter ID rules. This stance creates major uncertainty for other bills, including the Clarity Act and GENIUS Act for crypto regulation.benzinga_article+ 2 Despite previously urging swift passage of these crypto bills to keep innovation in the U.S.,benzinga_article his new condition effectively stalls their progress in the Senate, which requires a 60-vote threshold for controversial legislation that is unlikely to be met.

Impact Analysis

So Trump’s now holding crypto regulation hostage. Just a few weeks ago, he was all-in, pressuring banks to pass the Clarity Act to keep innovation in the US.benzinga_article+ 2 Now, he’s threatening to veto everything unless his ‘SAVE America Act’ on voting rules passes first. That bill is pure political theater and has next to no chance of getting the 60 votes needed in the Senate. The bottom line is that any hope for a clear regulatory framework for crypto in the near term is stalled. This move completely muddies the waters for U.S. players like Coinbase that need that clarity.Sina Finance Ironically, he’s now the biggest obstacle to preventing the crypto industry from moving overseas—the exact outcome he warned against.Amb Crypto I’d be trimming exposure to U.S.-centric crypto names; the regulatory catalyst just evaporated.