Senate fails to advance crypto bill

(CNN)– The U.S. Senate has rejected a bill aimed at regulating cryptocurrency.

It came amid Democratic concerns over ethics loopholes, particularly for President Donald Trump and his family.

The bill failed in a procedural vote 49 to 50 on Tuesday, Sept. 15.

The bill needed 60 votes to advance.

Democrats warned for months the bill does not go far enough to block potential corruption and safeguard assets from future financial crashes.

Republicans insisted they made every change possible to the ethics portion of the package.