U.S. Senate Rejects Long-Term Regulation Legislation for the Cryptocurrency Industry

On September 16, the U.S. Senate voted down the most important long-term regulatory legislation for the cryptocurrency industry, marking a collapse of the policy window for the sector. Previously, the banking industry had intensified its self-rescue efforts due to concerns over the massive lobbying funds from cryptocurrency companies. In this vote, three Republican senators cast dissenting votes due to their stance on banks, while all Democratic senators opposed the bill because it was insufficient to restrict Trump. Analysts believe that the likelihood of Congress pushing for similar permanent cryptocurrency regulatory framework reforms during Trump's presidency is low. Some have pointed out that the enormous funds invested by the cryptocurrency industry in this lobbying effort "would have been better spent on cancer treatment."

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