Senate Democrats block crypto regulation bill in 49-50 vote

Senate Democrats blocked legislation to create a new cryptocurrency regulatory framework in a 49-50 vote. The bill needed 60 votes to move forward in the 53-47 Senate. The legislation aimed to establish uniform rules for digital assets. Supporters said it would provide legal certainty and consumer protections. Supporters also said it would improve enforcement and help prevent a market collapse. Democrats demanded stronger ethics safeguards for President Donald Trump and his family. Trump agreed to restrict federal elected officials from issuing digital assets such as presidential meme coins. Trump also agreed to give state attorneys general additional powers to enforce the measures. Democrats said the proposal still lacked sufficient enforcement. Democrats wanted Trump or any future president to divest holdings that reached a certain value. Democrats sent a counteroffer that would have expanded the ethics provision. The parties did not reach a final deal. Arizona Sen. Ruben Gallego said the latest version left much to be desired. North Carolina Sen. Thom Tillis said he supported Trump's latest concessions. Republicans said the bill could now stall indefinitely. The House and Senate will be out of session during October and before the elections. The bill's prospects could change if Democrats regain the House or Senate majorities in November. Trump and his family have accumulated crypto profits since his reelection. Trump reported more than $500 million in revenue from World Liberty Financial sales of crypto products. Trump reported more than $1.4 billion from crypto businesses last year. A law enacted last year barred members of Congress and their families from profiting from stablecoins. The law did not extend that restriction to Trump or his family. Opponents said the bill would benefit the crypto industry. The industry spent more than $130 million in congressional races in 2024. The spending included $40 million in Ohio. The spending included $10 million each in Arizona and Michigan.