Crypto Regulation Bill Crashes in Senate Vote
A major blow has been dealt to the crypto industry's plans for regulation after a bill proposed by the Trump administration failed to pass in the US Senate.
The legislation, which had been widely criticized for being weak and allowing self-dealing by Donald Trump, did not receive enough votes to move forward. Despite a significant lobbying effort by the crypto industry, only four Republicans defected from their party's stance, with all Democrats voting against the bill.
The New York Times described the defeat as 'a stinging blow' that makes it unlikely the legislation will pass anytime soon, if ever. Reformers had successfully exposed the bill's shortcomings, arguing that it would have recklessly shut down state regulation and oversight. Even a group of 18 state attorneys general opposed the bill, citing its potential harm to states' rights.