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 had intensified its own lobbying amid concerns over large crypto lobbying spending. Three Republican senators opposed the bill based on their stance on banks, while all Democratic senators voted against it over concerns that 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 argued the industry’s heavy lobbying spending “might as well have been used to cure cancer.”