US Senate Blocks Trump-Backed Crypto Bill as Bitcoin Falls 5%
A Trump-backed bill aimed at creating comprehensive federal rules for digital-asset markets in the US has been blocked by the Senate.
The bill, which would have given Congress a clear set of regulations for crypto, was opposed by both Democrats and some Republicans. One of the main issues was Trump's own crypto business interests, with his family earning over $1.4bn from their ventures.
Massachusetts Senator Elizabeth Warren said the bill posed 'massive risks' to families, national security, and the economy. She also claimed it would help Trump 'turbocharge' his ability to rake in billions of dollars from crypto.
Crypto markets reacted negatively to the vote's outcome, with Bitcoin falling over 5% in a single day, its biggest decline since June.