Regarding yesterday's procedural vote in the Senate on the Clarity Act that failed to pass, the most discussed reason is the lack of bipartisan agreement on many specific provisions. However, a deeper factor might be the upcoming midterm elections, as the timing is critical (last night's vote was about 7 weeks away from the November midterms): 1) If the procedural vote had passed, it would have been highly likely for the full Senate to approve it as well (the full Senate only needs a simple majority). The Republicans and Trump would undoubtedly tout this as a 'major legislative achievement'—providing clear rules for the crypto industry and maintaining the U.S.'s leading position in the digital asset space. This would become a Republican accomplishment. 2) By blocking the bill, the Democrats can pivot to a narrative like 'Trump is exploiting his position to profit from crypto and has failed to set a moral example due to personal interests,' painting the Republicans as 'giving the president a free pass.' Campaign narratives don’t always need to be factually precise, but they do need to resonate emotionally. This also explains why previously pro-crypto Democrats (like Kirsten Gillibrand) ultimately didn’t cross party lines to vote. In the upcoming campaign, Trump’s crypto dealings are very likely to become a prime target for the Democrats.