The Senate voted on Tuesday to block a major cryptocurrency bill, dealing a sharp setback to the industry.
The legislation, called the Clarity Act, failed to advance after Democrats withheld support.
Lawmakers cited concerns over President Trump’s personal investments in crypto as a key reason for the blockage.
The bill aimed to create a clear regulatory framework for digital assets.
It had been widely viewed as the most significant crypto legislation to reach the Senate floor.
Industry groups had lobbied heavily for the measure over several months.
Democrats argued that the president’s financial ties posed a conflict of interest.
The vote leaves crypto firms without the federal clarity they have long sought.
Republicans criticized the move as a partisan stall on a bipartisan effort.
The bill’s failure delays broader efforts to regulate stablecoins and exchanges.
Senate leaders have not announced plans to revisit the legislation this session.
