According to CoinMeta, as reported by semafor, the "Clear Act" officially failed in the Senate's motion-to-vote process. Despite the industry having invested tens of millions of dollars in lobbying efforts and posing a significant threat to traditional banking, all Democratic senators voted against it during this vote due to concerns that the bill would not be effective in restraining Trump. Even the expected unity within the Republican Party was shattered—three Republican senators also voted against it due to their deep ties with traditional banking. Analysts point out that after this defeat, it will be extremely difficult for the U.S. Congress to initiate another long-term, permanent legislative effort regarding cryptocurrency regulation before the end of Trump's term. Lobbyists have even gone so far as to say that the money spent by the cryptocurrency industry on lobbying firms could be more effectively used to treat cancer.