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The Clarity Act was meant to create the first comprehensive U.S. legal framework for the crypto market. Among other things, it would have clearly divided oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), introduced registration requirements for market participants and tightened anti-money laundering rules. For now, the bill has failed in the U.S. Senate: a procedural vote drew 49 votes in favor and 50 against, well short of the 60 needed. The decisive factor was concern among Democratic senators about potential conflicts of interest and the crypto business dealings of President Donald Trump and his family. Ethics…