Lobbyist: Crypto Industry's Massive Lobbying Spend 'Might as Well Go to Cancer Research'

PANews, September 16 - According to Semafor, the U.S. Senate voted down the crypto industry's most significant long-term regulatory legislation currently on the table, marking the collapse of the sector's "once-in-a-generation" policy window. Previously, the banking industry had scrambled to protect itself over concerns about crypto companies' massive lobbying expenditures, but in this vote, three Republican senators opposed the bill due to their "inherent stance" on banks, while all Democratic senators voted against it over concerns that the legislation was insufficient to constrain Trump. Analysts suggest that under Trump's administration, the likelihood of Congress advancing similar permanent crypto regulatory framework reforms is low. Some have noted that the crypto industry's hefty lobbying spending 'might as well go to cancer research.'