Shibbir Ahmed, WASHINGTON DC: The U.S. Senate on Tuesday blocked legislation that would establish a comprehensive federal regulatory framework for cryptocurrencies, dealing a major setback to the digital-asset industry and Republican lawmakers who had championed the bill. The Clarity Act failed to secure the 60 votes needed to advance, with senators voting 49-50 on the procedural measure, according to the Associated Press.

The legislation was designed to provide clearer rules for the $2.3 trillion U.S. cryptocurrency market, including defining regulatory responsibilities and establishing greater legal certainty for digital-asset companies. Crypto industry groups had strongly backed the measure and spent hundreds of millions of dollars lobbying for its passage.

Democrats opposed advancing the bill without stronger restrictions concerning President Donald Trump and his family’s financial interests in cryptocurrency. Trump and his family have significant business interests in the sector, including World Liberty Financial and a cryptocurrency meme coin.

Republicans had revised the legislation in an effort to address those concerns. The revised version included provisions giving state attorneys general greater enforcement authority and requiring public officials with significant interests in crypto-related companies to divest those interests or place them in blind trusts. Democrats argued that the changes did not go far enough.

The bill also faced concerns from the banking industry over provisions involving stablecoins, which allow certain digital tokens to maintain a value linked to traditional currencies. Banking groups warned that stablecoin rewards could encourage customers to move deposits away from banks and potentially affect lending.

The Senate’s action represents a significant setback for the cryptocurrency industry’s effort to secure its first comprehensive federal regulatory framework. Reuters reported that the legislation now faces limited prospects for revival in the near term, particularly with Congress approaching the November midterm elections and a recess.

Financial markets reacted to the Senate vote. Bitcoin fell about 4% to around $75,908, while shares of cryptocurrency companies Coinbase and Circle each declined roughly 9%, according to Reuters.

The Securities and Exchange Commission and Commodity Futures Trading Commission have meanwhile continued developing cryptocurrency-related rules, but industry participants have argued that legislation from Congress is needed to provide a more permanent regulatory framework.

Shibbir Ahmed, WASHINGTON DC: Republican Rep. Thomas Massie on Tuesday filed articles of impeachment against Defense Secretary Pete Hegseth, accusing him of conducting military action against Iran without congressional authorization.

Massie, a Kentucky Republican and outspoken critic of the U.S. war in Iran, filed the impeachment resolution as a privileged measure, meaning the House is required to take it up within two legislative days.

The lawmaker’s resolution accuses Hegseth of abusing his office by carrying out hostilities against Iran without a declaration of war or specific authorization from Congress. Massie has argued that the administration’s continued military operations violate Congress’s constitutional authority over decisions to initiate war.

The move comes as the United States remains involved in the conflict with Iran, which began with U.S.-Israeli strikes on Iran on February 28. Massie has repeatedly opposed the war and has also criticized U.S. military support for Israel. The Pentagon rejected the impeachment effort and reaffirmed its support for Hegseth.

“The entire Department is unified behind the Secretary’s vision and will continue working to put our warfighters and America first,” Pentagon press secretary Kingsley Wilson said in a statement. The impeachment effort is unlikely to secure the support needed to remove Hegseth, but Massie’s filing could force House members to take a position on the administration’s military actions.

Massie is not seeking reelection after losing the Republican primary earlier this year to Ed Gallrein, a candidate endorsed by President Donald Trump. His opposition to the Iran war has been a prominent feature of his congressional record. The filing comes amid continuing debate on Capitol Hill over the extent of the president’s authority to conduct military operations without explicit congressional authorization.