Crypto bill’s defeat in U.S. shows limits of industry’s political machine
The defeat showed that even the crypto political machine can stumble when faced with enough political challenges.
The U.S. Senate's vote to not advance a major crypto bill, the Clarity Act, demonstrates the industry's limitations in its political influence in Washington. Senators voted 49-50 against advancing the bill on Tuesday, with four Republicans joining the opposition. Despite spending over $300 million on the 2024 and 2026 elections to promote crypto-friendly policy and elect crypto-friendly candidates, the industry's efforts were thwarted.
The Clarity Act aimed to establish a regulatory framework for the $2 trillion cryptocurrency market, providing the industry with a more stable legal footing.
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