Crypto Regulation Bill Hits Roadblock in Senate Vote

A long-awaited cryptocurrency regulation bill has hit a major hurdle in the US Senate, failing to advance after a procedural vote. The Clarity Act, aimed at setting up a regulatory framework for the crypto market, was blocked by all Democrats and four Republicans.

The Senate voted 49-50 on the motion to proceed with consideration of the bill, falling short of the required 60-vote threshold. Four Republican senators, Susan Collins (Maine), Josh Hawley (Mo.), Jerry Moran (Kan.) and Thom Tillis (N.C.), joined Democrats in opposing the measure.

The vote came after a flurry of last-minute efforts to strike a deal between Republicans and crypto-friendly Democrats. About a dozen Democrats were considered potential yes votes, but they ultimately declined to support the legislation due to lingering concerns about President Trump's involvement in the crypto industry.