Senate Blocks Crypto Regulation Amid Ethics Concerns Over Trump Investments

Senate Democrats blocked a bill to create a new regulatory framework for cryptocurrency on Tuesday, stalling an industry-backed effort to place guardrails around digital assets.

The vote of 49-50 was a pivotal election-year test for the $2.3 trillion cryptocurrency market as the industry has pushed aggressively for a uniform set of rules.

Senate Democrats were adamant that the bill include strong ethics safeguards to prevent President Donald Trump and his family from enriching themselves while in office.

The opposition appears to have only solidified two months before the midterm elections, despite significant donations that crypto groups have given to some Democrats in recent years.