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 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…

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