The Clear Act didn’t pass before dawn, and I guess everyone’s already gone to sleep, probably knowing it would be hard to get passed. The Clear Act was proposed during the Democratic administration, but it was also the Democrats who rejected it. Their reasoning is simple: “The Trump family makes too much money using power.”

On the surface, it’s a disagreement between the Democratic and Republican parties over crypto regulation.

In reality, the conflict has gradually shifted from how to regulate cryptocurrencies to a bigger issue:

Can political power directly participate in crypto capital?

The core thing the Democratic Party has stalled on is not opposition to the crypto industry establishing a regulatory framework.