The Senate on Tuesday blocked consideration of the Clarity Act, dashing – for now – the Republican-led effort to codify an outline for regulating digital assets such as cryptocurrency.

The measure failed, 50-49. No Democrats voted for the bill, and a handful of Republicans – including Sens. Josh Hawley of Missouri, Susan Collins of Maine, Jerry Moran of Kansas and Thom Tillis of North Carolina– voted against it, too.

Tillis filed a motion to recommit – meaning the bill can return to the Senate floor. That prospect is unlikely, however, as senators are scheduled to leave Washington in early October and not return until after November’s midterm election, which may…