US Senate blocks bill to regulate digital assets

Bipartisan members of the Senate blocked a historic bill to regulate the digital asset market during a procedural vote on Tuesday, as Democrats cited ongoing concerns over ethical provisions aimed at addressing President Donald Trump’s business interests in the cryptocurrency sector. The long-awaited legislation, which had been sought by cryptocurrency companies, would have granted the Commodity Futures Trading Commission (CFTC) primary regulatory authority over the digital asset sector. It required 60 votes to advance. The defeat represents a major blow to cryptocurrency industry firms, which have spent hundreds of millions of dollars and made efforts over several years to secure favorable and stable congressional rules, all within less than two months of the midterm elections.