Crypto bill’s defeat in U.S. shows limits of industry’s political machine
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WASHINGTON - The U.S. Senate’s vote against advancing a major crypto bill amid persistent opposition from Democrats and a handful of Republicans marks one of the most significant setbacks for the industry, showing the limits of its muscle in on Tuesday voted 49-50 against advancing the Clarity Act, which would establish a regulatory framework for the $2 trillion cryptocurrency market, putting the industry on a firmer legal footing, with four Republicans voting against. Crypto companies say the bill is crucial to their future in the defeat came even after the industry spent more than $300 million combined on the 2024 and 2026 elections to push crypto policy into the political mainstream by getting dozens of crypto-friendly candidates into office and through national advocacy campaigns.
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