US Cryptocurrency Bill Collapses in Senate Vote
A landmark US cryptocurrency bill has stalled in the Senate after failing to secure the necessary 60 votes, dealing a significant blow to efforts to establish a comprehensive federal framework for digital-asset markets.
The Digital Asset Market Clarity Act was seen as a crucial step towards regulating the crypto industry, but its collapse highlights the ongoing challenges facing lawmakers as they grapple with disruptive new technologies such as cryptocurrency and artificial intelligence.
Massachusetts Senator Elizabeth Warren opposed the bill, citing 'massive risks' to families, national security, and the economy, while also accusing it of benefiting President Donald Trump's business interests.
The bill would have divided oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, but Democrats argued that it contained loopholes and gave too much enforcement authority to officials appointed by Trump.