The crypto industry is turning to the Trump administration for clarity on how digital assets are regulated after a failed Senate procedural vote stalled legislative efforts.

Months of negotiations on Capitol Hill yielded new text and incremental progress, but ultimately couldn’t satisfy outstanding concerns with the Clarity Act (H.R. 3633; BGOV Bill Analysis), which would create a market structure for Bitcoin, Ether, and other digital assets.

Democrats and three Republicans opposed advancing the bill on Sept. 15, citing a litany of issues headlined by unsatisfactory ethics guidelines on public officials issuing digital assets. The most prominent of …