US Senate crypto bill collapses

A push in Washington for landmark US cryptocurrency legislation has fallen apart after lawmakers from both parties in Congress could not resolve their long-running disagreements. According to Business Recorder, the Digital Asset Market Clarity Act did not win the 60 votes required to move forward to Senate debate.

Disputes over ethics rules, banking arrangements and the oversight of the fast-growing sector were among the sticking points. Safeguards covering the extensive cryptocurrency holdings of President Donald Trump also emerged as one of the largest barriers to a compromise.

Senator Elizabeth Warren, the leading Democrat on the Senate Banking panel, said the bill carried severe dangers for households, national security and the economy. The failed vote followed months of disagreement between the two parties.