The defeat dealt a major blow to efforts to establish first comprehensive federal framework for digital-asset markets.

The United States Senate has failed 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 Digital Asset Market Clarity Act failed on Tuesday to secure the 60 votes needed to advance to a debate in the Senate, with safeguards governing Trump’s extensive crypto interests among the biggest obstacles to a deal.

Four Republican senators – Jerry Moran, Rand Paul, Josh Hawley and Thom Tillis – joined all the…