Crypto Industry Spends $13 Million Lobbying for Failing 'Clarity Act' Legislation

The cryptocurrency industry in the United States spent $13 million lobbying in support of the 'Clarity Act' legislation, which failed to advance in Congress this summer.

The Clarity Act aims to provide a regulatory roadmap for digital assets and is seen as essential to the sector's future. Despite the significant investment in lobbying efforts, the bill did not pass in the U.S. Senate.

According to estimates, the crypto industry has amassed a war chest of over $100 million to campaign for politicians and legislation that are friendly towards the industry. However, the Clarity Act is now in limbo as the congressional midterm elections approach.