The Senate voted down the crypto industry’s most important long-term regulatory legislation proposal, ending what observers described as a rare policy window for the sector. The banking industry intensified its lobbying amid concerns about large crypto lobbying spending. Three Republican senators opposed the bill based on their stance on banks, while all Democratic senators voted against it because they believed the legislation did not sufficiently restrict Trump. Analysts said Congress is unlikely to revive similar permanent crypto regulatory framework reforms during Trump’s term. Some observers criticized the industry’s lobbying expenditure, saying it might have been better used to cure cancer.