Bitcoin fell to a three-week low on Wednesday after the U.S. Senate rejected a motion to proceed on a cryptocurrency regulation bill, according to finance.biggo.com.
The procedural vote failed as Democrats and Republicans joined together to block the Trump-backed measure, Yahoo reported. Al Jazeera described the outcome as a collapse of the bill and a blow to the crypto industry.
The legislation had drawn attention well beyond Capitol Hill. CNN reported that the crypto industry had viewed President Trump as its savior, and noted that his own crypto business had secured a key provision in the bill. Politico reported that Senator Kirsten Gillibrand privately urged fellow Democrats to move the crypto bill forward, even as the vote failed.
The rejection leaves the regulatory picture for digital assets unresolved in Washington. The price drop in Bitcoin reflects how closely market sentiment has tracked legislative developments, with the failed vote removing near-term expectations of a clearer federal framework.
What to watch next: whether lawmakers revive the bill in a new procedural vote, and how Bitcoin trades in the sessions that follow.