Senate Blocks Landmark Crypto Regulation Bill Amid Ethics Concerns

A landmark bill aimed at regulating the digital assets industry has been blocked by the US Senate, sending cryptocurrency stocks plummeting.

The legislation, which sought to grant the Commodity Futures Trading Commission primary authority over the industry, needed 60 votes to advance but fell short on a vote of 49-50.

Democrats cited continued concerns over ethics provisions meant to address President Donald Trump's crypto business interests as their reason for opposing the bill.