Senate failed on Tuesday to advance comprehensive cryptocurrency legislation backed by President Donald Trump in a major blow for digital asset companies and Republicans who had championed the bill for months. The bill, called the Clarity Act, fell 10 short of reaching the 60-vote threshold needed to advance most legislation in the 100-seat chamber, as four Republican senators — Jerry Moran, Susan Collins, Josh Hawley and Thom Tillis — joined all the Democrats in voting against it. The vote was 50-49 in favor.
The vote effectively put the bill on ice, as Congress is set to depart Washington this month ahead of the November midterm elections in which Trump’s fellow Republicans are fighting to retain control of the House of Representatives and Senate.
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