Trump-backed crypto bill fails to launch as Dems, Republicans unite to block it

NEWYou can now listen to Fox News articles!

A colossal crypto regulatory package backed by President Donald Trump stumbled in the Senate, and another shot is unlikely.

The Clarity Act failed to move through a key procedural hurdle on Tuesday, serving proponents of the bill, including major players in the cryptocurrency industry and the White House, a major blow in their pursuit of folding the novel currency into the nation’s web of financial regulations.

Democrats dealt the bill a mortal blow, but a handful of Republicans with outstanding concerns were not assuaged, either. And with little time left on the Senate’s calendar and major bills piling up ahead of the midterm elections, the bill’s biggest backers believed that the Clarity Act might end up back on the shelf.

REPUBLICANS TARGET TRUMP'S CRYPTO EMPIRE WITH NEW PLAN, DEMS SAY IT FALLS SHORT

"I think we're done. It's over," Sen. Cynthia Lummis, R-Wyo., the bill’s primary architect, said. "Because we've been working on this bill for over a year. And we've given them over 120 of their requests and that’s enough."