Crypto Lobbying Pressure Drove CLARITY Act's Senate Demise

The CLARITY Act, a U.S. market-structure bill for the cryptocurrency industry, was derailed in the Senate due to sustained pressure from the crypto sector.

According to Punchbowl News, Democrats and Republicans spent thousands of hours negotiating the bill, beginning in September last year.

Despite reaching agreements in principle in private talks or working out specific legislative language, those terms were repeatedly revised when the industry objected.

Industry participants disputed that account, saying negotiations were complicated by the Senate's sweeping revisions to the CLARITY Act after it had passed the House.