Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation.
Sometimes this newsletter feels like a broken record, but I’ve come to realize that’s just the nature of Washington. Legislation is not only slow, but it’s often a Sisyphean effort, with legislators and their unheralded staffers pouring untold hours into hearings, meetings with lobbyists, and research sessions to produce thousands of pages of meticulously written bills that will inevitably be scrapped because some political butterfly flapped its wings.
