Crypto Lobbying Efforts Foiled as Clarity Act Blocked in Senate

The cryptocurrency sector recently gained an understanding of Washington's lobbying ways after its priority legislation, the Clarity Act, was blocked in the Senate.

The House had previously passed the bill, which aimed to establish a regulatory structure for digital assets. However, it failed to advance in the Senate due to opposition from both Democrats and Republicans.

The Democratic opponents included Sen. Kirsten Gillibrand (D-N.Y.), who had worked on the legislation with Sen. Cynthia Lummis (R-Wyo.) for years.

The crypto industry plans to focus on the midterm elections and bipartisan tax legislation in the House, but will continue to push for action on the Clarity Act. Some in the space are also exploring Plan B: working with the Trump administration to establish regulations.