Crypto Industry's Grip on Democratic Lawmakers Begins to Loosen
The crypto industry's grip on Democratic lawmakers is slowly loosening as the CLARITY Act faces opposition and delay in the Senate. Despite spending over $136 million to influence policy, the industry's attempts to pass the bill have been met with resistance from Democrats who are increasingly skeptical of its influence.
Senate Democrats are demanding an ethics provision in the CLARITY Act to limit conflict-of-interest concerns with top government officials, including President Trump. However, the White House has refused to agree to any such provision, leading to a delay in the vote.
The industry's struggles to acquire a mainstream customer base have led them to rely on financial influence over lawmakers as a key growth strategy. But this approach is now backfiring, with many Democrats viewing crypto spending as a hindrance rather than a help. According to polling, 84% of Democratic primary voters have an unfavorable view of crypto-backed candidates and 76% have an unfavorable opinion of the industry itself.