The U.S. Senate rejected the Digital Asset Market Clarity Act after negotiations collapsed over ethics provisions involving President Donald Trump’s crypto holdings. Senator Cynthia Lummis said she had worked on the bill for more than five years, but Democrats argued the latest Republican offer did not adequately prevent conflicts of interest. Republicans said Democrats continued adding demands and accused them of undermining U.S. innovation, while Democrats said Republican leaders ended talks prematurely. Senator Mark Warner said he wanted to support the legislation but insisted that serious crypto rules include meaningful ethics requirements for the president and senior officials. The House has worked across multiple Congresses on a digital asset market structure framework, while regulators are expected to rely on existing authorities until Congress provides statutory certainty. Separately, the material said tokenized equities led real-world asset inflows as markets recovered, with Binance’s bStocks reaching about $118.5 million in two months and ranking as the No. 2 issuer while representing about 90% of on-chain equity DEX volume.