By Hannah Lang
LEGISLATION that would create a regulatory framework for U.S. dollar-pegged cryptocurrency tokens known as stablecoins faced a setback as the bill failed to clear a key hurdle in the U.S. Senate.
The setback is a blow to the crypto industry, which has long pushed for lawmakers to pass legislation creating new rules for digital assets. The sector spent more than $119 million backing pro-crypto congressional candidates in last year’s elections and had tried to paint the issue as bipartisan.
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