US Senate blocks digital asset market regulation bill
A long-awaited bill to regulate the digital asset market was blocked in the US Senate, dealing a setback to cryptocurrency industry efforts.
Key Takeaways
AIMembers of both the Republican and Democratic parties in the US Senate blocked a long-anticipated bill to regulate the structure of the digital asset market during a procedural vote on Tuesday, marking a setback for legislation that had gained broad support from cryptocurrency industry firms.
Bloomberg reported that Democrats raised ongoing concerns about ethical provisions in the bill, specifically targeting the business interests of US President Donald Trump in the cryptocurrency sector.
The legislation aimed to grant the Commodity Futures Trading Commission primary authority to regulate the digital asset industry, but it required 60 votes to advance, a threshold that was not met in the vote.
The bill's defeat is a significant blow to cryptocurrency companies and organizations, which have invested hundreds of millions of dollars and years of effort to secure favorable and lasting regulations from Congress, just under two months before the midterm elections.
In cryptocurrency markets, Bitcoin fell 5.11% to $75,057.41, heading for its largest daily percentage drop since June 2.