US Senate fails to advance sweeping cryptocurrency bill in blow for industry

Bitcoin, the world's largest cryptocurrency, fell more than 5% as the vote appeared on track to fail, its biggest daily percentage decline since June. Shares of crypto exchange Coinbase COIN.O and stablecoin issuer Circle CRCL.N fell as much as 10%.

Sept. 15 (Reuters) - The U.S. Senate failed on Tuesday to advance comprehensive cryptocurrency legislation backed by President Donald Trump in a major blow for digital asset companies and Republicans who had championed the bill for months.

The bill, called the Clarity Act, fell 10 short of reaching the 60-vote threshold needed to advance most legislation in the 100-seat chamber, as four Republican senators — Jerry Moran, Susan Collins, Josh Hawley and Thom Tillis — joined all the Democrats in voting against it. The vote was 50-49 in favor.