Trump-backed crypto bill fails to launch as Dems, Republicans unite to block it

A colossal crypto regulatory package backed by President Donald Trump stumbled in the Senate, and another shot is unlikely.

The Clarity Act failed to move through a key procedural hurdle on Tuesday, serving proponents of the bill, including major players in the cryptocurrency industry and the White House, a major blow in their pursuit of folding the novel currency into the nation’s web of financial regulations.

Democrats dealt the bill a mortal blow, but a handful of Republicans with outstanding concerns, including Sens.

Susan Collins, R-Maine, Josh Hawley, R-Mo., and Jerry Moran, R-Kan., were not assuaged, either.

And with little time left on the Senate’s calendar and major bills piling up ahead of the midterm elections, the bill’s biggest backers believed that the Clarity Act might end up back on the shelf.

REPUBLICANS TARGET TRUMP'S CRYPTO EMPIRE WITH NEW PLAN, DEMS SAY IT FALLS SHORT "I think we're done.

It's over," Sen.

Cynthia Lummis, R-Wyo., the bill’s primary architect, said.

"Because we've been working on this bill for over a year.

And we've given them over 120 of their requests and that’s enough." When asked if the bill would come back to the floor, Lummis said, "Nope." A midnight hour update was made to the bill to try and pull anyone on the fence off to at least let the package move forward.

But it wasn’t enough.

And negotiations ran until the very end, just before the vote opened.

DEMOCRATS HAND TRUMP ONE POWER THEY SPENT YEARS FIGHTING The issues with the package were many and varying among Democrats and Republicans.

Several Senate Democrats were not satisfied with the ethics language baked into the Clarity Act that sought to slow the Trump family’s rapidly growing crypto empire.