Bipartisan members of the US Senate blocked a major bill on Sept. 15 to regulate the digital asset market in a procedural vote.
Democrats raised objections to ethics provisions they said were insufficient to address President Donald Trump’s business interests. 
The bill, known as the CLARITY Act, sought to give the Commodity Futures Trading Commission (CFTC) primary regulatory authority over the digital asset industry.
It needed 60 votes to advance in the procedural vote.
The bill’s rejection represents a major setback for cryptocurrency companies that have spent hundreds of millions of dollars and pursued years-long efforts to secure favorable and stable regulatory rules from Congress.
The bill included ethics restrictions on the president and other elected officials who own cryptocurrencies, amid controversy over, among other things, Trump’s reported $1.4 billion in gains from cryptocurrency-related activities.
However, Democrats said the restrictions were insufficient.
The latest version of the bill added a provision that would have given the Treasury Department authority to prevent cryptocurrency companies from offering rewards, interest or yields to stablecoin users.
Bipartisan members of the US Senate blocked a major bill on Sept. 15 to regulate the digital asset market in a procedural vote.
Democrats raised objections to ethics provisions they said were insufficient to address President Donald Trump’s business interests.
The bill, known as the CLARITY Act, sought to give the Commodity Futures Trading Commission (CFTC) primary regulatory authority over the digital asset industry.
It needed 60 votes to advance in the procedural vote.
The bill’s rejection represents a major setback for cryptocurrency companies that have spent hundreds of millions of dollars and pursued years-long efforts to secure favorable and stable regulatory rules from Congress.
The bill included ethics restrictions on the president and other elected officials who own cryptocurrencies, amid controversy over, among other things, Trump’s reported $1.4 billion in gains from cryptocurrency-related activities.
However, Democrats said the restrictions were insufficient.
The latest version of the bill added a provision that would have given the Treasury Department authority to prevent cryptocurrency companies from offering rewards, interest or yields to stablecoin users.
