The cryptocurrency industry spent more than $300 million across the 2024 and 2026 election cycles building political influence in Washington. But this week's defeat of a landmark regulatory bill showed that even one of the country's best-funded political operations cannot always translate campaign spending into legislative victories.
The Senate voted 49-50 Tuesday against advancing the Digital Asset Market Clarity Act, falling short of the 60 votes required to move forward. Democrats were demanding concessions related to ethics, national security and others.
