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At least 60 “yes” votes were needed to move the legislation towards passage, but the final tally of 49-50 didn’t even reach a majority after four Republican lawmakers broke ranks to oppose the market structure bill. With critical midterm elections approaching in November, there is little chance that the issue will be picked back up in the balance of the Congressional session.

Notably, ethics concerns may have played a critical factor in the rejection of the bill. Lawmakers from both sides did not feel that an updated version of the text released on Sunday went far enough in addressing concerns related to senior officials maintaining or endorsing crypto business ties. However, a group of Republicans claimed they made a series of concessions when US President Donald Trump agreed to modifications on Sunday night that contained stronger ethics measures, the Associated Press reported. The 11th hour concessions were not enough to appease potential swing voters among Senate Democrats.

“This legislation failed squarely because Republicans refuse to say no to the president,” Arizona Senator Ruben Gallego said in a statement. “It takes 60 votes to pass a bill, and instead of spending their time twisting themselves into knots to appease President Trump, Republicans should have worked more closely with Senate Democrats to craft a bill that could pass with strong ethics provisions.”

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The gap comes as Phnom Penh prepares to host its major anti-scam conference on 23-24 September, part of the wider government campaign against online scam networks.

Initially framed as “Together Towards Disrupting the Chain and Ending Online Scams” by AKP in August, the conference now carries the theme “Acting Together towards Breaking the Chain and Eradication of Online Scams” on its official website. 

Prime Minister Hun Manet has publicly characterised the crackdown as an effort to “clean our house” and restore Cambodia’s reputation internationally.

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He [Konstakis] knows our business, our customers and our technology inside out, and has played a central role in shaping our priorities and how we execute against them. Furthermore, Nikos has been a true confidante and partner in the business since coming on board over eight years ago.

Levin added that he is looking forward to supporting the company and the wider team from his new chair role.

Konstakis thanked OpenBet for its trust and lauded Jordan’s incredible contributions to the company. He said that he was looking forward to taking on the new role and helping OpenBet enter its next phase of growth.