Senate Democrats block crypto regulation bill, stalling industry push

On Tuesday, Senate Democrats blocked a bill to create a new regulatory framework for cryptocurrency, with a 49-50 vote that could shape the $2.3 trillion crypto market. The vote was a pivotal election-year test for the industry, which has pushed for a uniform set of rules.

Democrats demanded stronger ethics safeguards to prevent President Donald Trump and his family from profiting while in office, and Republicans offered concessions on ethics and enforcement. Trump agreed to new restrictions on federal elected officials from issuing digital assets, and to additional powers for state attorneys general.

The bill still needs 60 votes to move forward, and Republicans and Democrats will be out of session in October, making the outcome significant for the upcoming midterm elections.

Read the full story at pbs.org.