The landmark legislation, known as the Clarity Act, stalled in the Senate as Democrats raised concerns about President Trump’s personal investments in crypto.

Federal prosecutors said proceeds from the sale of Iranian oil flowed through Binance, the world’s largest crypto exchange, to finance terrorism.

Democrats and Republicans are haggling about the Clarity Act, a major bill pushed by the crypto industry, as it moves closer to a Senate vote.

The experimental app, internally called “Arena,” would be independent of Facebook and Instagram. It could compete for attention with Polymarket and Kalshi, the biggest prediction markets.