In a disappointing turn for the cryptocurrency industry, the years-in-the-making Crypto
Clarity Act failed to get a majority of votes in the U.S. Senate, leaving the industry once
again without a federally mandated set of rules.
The industry spent years and hundreds of millions of dollars trying to bring Congress to an
approval of some level of market structure legislation, and while a vote on the Senate floor
is the furthest the effort has progressed, it is still a major blow to the army of lobbyists,
advocacy groups, political action committees and high-profile crypto executives who all
fostered the new law.
Digital asset advocates did score a legislative win in 2025 when the Guiding and
Establishing National Innovation for U.S. Stablecoins (GENIUS) Act earned bipartisan
approval and became law.
Industry insiders saw that as a major win given the crypto failures and high-profile scandals
of 2022. With a new Congress to be seated in January, and a potential shift in the balance
of power, insiders expect the next Congress to spend some time investigating the Trump
administrations involvement with crypto businesses and some of their leaders, before
focusing on market structure legislation.
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