The U.S. Senate rejected what Semafor described as the crypto industry’s most important long-term regulatory bill on Sept. 16, effectively closing a rare policy window for comprehensive rules. Three Republican lawmakers voted against the measure because of what they viewed as banks’ entrenched position, while all Democratic lawmakers opposed it over concerns that the bill would not sufficiently constrain Trump. Analysts said the chances of Congress advancing a similar permanent crypto regulatory framework during Trump’s term are now low. Some observers criticized the industry’s substantial lobbying spending, saying it would have been better directed toward cancer treatment.