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By Opalesque:

Senate Democrats blocked on Sept. 15th a broad industry-backed crypto market structure bill in a 49-50 vote over ethics and transparency concerns regarding political investments.

The $2.3tln cryptocurrency industry has been pushing for a uniform set of rules for some time. Meanwhile, cryptocurrency companies have become a major political force, and President Trump has amassed significant wealth in crypto while in office.

While some Democrats are friendly toward the industry and support the idea of regulation, they have been adamant that the bill include strong ethics safeguards to prevent the president and his family from enriching themselves while he's in office, reported CNBC. Trump agreed to some concessions on ethics. But they were not enough for Democrats, who claimed the last proposal did not have enough enforcement. Democrats sent a counteroffer late Monday but were unable to strike a final deal.

Crypto markets dropped late on Tuesday and Wednesday. Bitcoin fell about 1.5% to $75,800 (in the 24 hours to Sept.16th 15:00 CET), while CoinMarketCap 20 Index dropped about 2% to below $156.

The legislation's failure means the rules are more likely to be written by agencies instead, ......................

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