Crypto's $233M Midterm Bet Flops as Democrats Sweep Congress
Crypto spent $233M on the midterms and Democrats still swept Congress, according to Cointelegraph. The CLARITY Act survives, but passing it now comes with a price the industry won't like — and crypto may have to give something up.
Crypto's midterm war chest didn't buy the result it wanted. The industry poured $233M into the midterms, and Democrats still swept Congress, per Cointelegraph. Call it the most expensive loss leader in American politics — and the bill is still due.
The CLARITY Act lives on, though. Cointelegraph reports the legislation still has a path to passage, which means the years-long push for a clearer rulebook for digital assets isn't landing in the trash can just yet.
But the walk back from the ballot box to the Capitol now carries a surcharge. According to Cointelegraph, getting CLARITY over the finish line comes with a price, and whatever is tucked into the bill is not going to sit well with the industry that just wrote the check.
The outlet says it plans to lay out exactly what crypto may have to surrender to get the deal done. That's the trade crypto's lobbying machine is now staring at: leverage spent, a hostile sweep at the polls, and a bill that could cost more than it did last cycle.
So the $233M didn't flip the outcome, and it didn't kill the bill either. It just made the terms worse.
TopicsCLARITY Act · Cointelegraph · Congress · Democrats
Written by Paparazzi with AI. Not financial advice.