Sustained pressure from cryptocurrency companies repeatedly disrupted bipartisan negotiations over the Senate's CLARITY Act, contributing to the market-structure bill's collapse, Punchbowl News reported. Interviews with more than 12 congressional aides described thousands of hours of talks in which agreements were revised or withdrawn after industry objections, with Coinbase and a16z specifically cited. Industry participants disputed that account, pointing to sweeping Senate revisions after the House passed the bill and concessions including substantive limits on stablecoin rewards. The measure ultimately failed to secure the 60 votes needed for a decisive procedural advance, after disputes involving stablecoin rewards, ethics provisions, bank opposition and the broader negotiating process.