Lawmakers blocked the Clarity Act on Tuesday a procedural vote, with the long-awaited legislation missing the 60 votes needed to advance it.

Senators mostly voted against advancing the legislation — 49 for and 50 against — that the digital asset industry has long called for. 

The bill aims to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins. President Donald Trump last month urged lawmakers to pass it but Republicans said that Democrats were deliberately holding it back. 

Bitcoin’s price dropped sharply on the news and was recently trading for $75,997, a 4% 24-hour drop. 

Both…

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