Senate Blocks Crypto Regulation Amid Trump Investment Concerns

The US Senate has blocked legislation aimed at creating a new regulatory framework for cryptocurrency, stalling an industry-backed effort to place guardrails around digital assets.

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

Senate Democrats blocked the legislation, citing concerns that it would allow President Donald Trump's investments in crypto to continue unregulated.

'Let’s make sure that we do not pass a crypto bill that will let Donald Trump continue to rake in billions of dollars in crypto profits while working families across this country struggle,' said Senator Elizabeth Warren.