Congress defeats crypto industry's flagship regulatory bill

Lawmakers in the Senate failed to pass the cryptocurrency industry's flagship bill, marking a major setback for the sector's regulatory agenda. The proposal had attracted tens of millions of dollars in lobbying, yet three Republican senators voted against it due to loyalty to banking interests, and every Democrat opposed it, fearing it would not restrain President Donald Trump's involvement. The vote underscores the difficulty of achieving bipartisan support for crypto reforms.

Industry observers noted that the loss may delay any permanent overhaul of digital asset regulation until after the next presidential transition. A lobbyist remarked that the money spent on the campaign would have been better used for medical research.