US Senate crypto bill collapses

WASHINGTON: A push for landmark US cryptocurrency legislation collapsed on Tuesday after Republicans and Democrats in Congress failed to bridge months-old differences over ethics, banking and how the fast-growing industry should be regulated.

The Digital Asset Market Clarity Act failed to secure the 60 votes needed to advance to a debate in the Senate, with safeguards governing President Donald Trump’s extensive crypto interests among the biggest obstacles to a deal.

Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, said the bill posed “massive risks to families, our national security, and our economy.”