According to Bloomberg, the crypto industry's key initiative, the **CLARITY Act**, faced a setback in a procedural vote in the Senate this September. As a result, Coinbase and several major crypto organizations saw their federal lobbying expenditures in Q3 drop compared to Q2. Despite this, related entities still spent over $4 million on lobbying during the quarter, marking the sixth consecutive quarter at this level. Some lobbying firms even ended their partnerships with crypto industry clients in Q3. Earlier this year, the crypto industry had already invested over $8 million in pushing for market structure legislation, but failed to secure passage of the bill in the Senate's critical procedural vote. https://www.(wublock123.com)/news/clarity-act-setback-coinbase-crypto-quarterly-lobbying-spend-drop-70497