(Bloomberg) — The crypto industry watched with a grim foreboding as its landmark bill detonated on the Senate floor Tuesday. Blame first fell on Democrats, none of whom voted to advance it. But some of the industry’s own supporters pointed elsewhere: at President Donald Trump and the roughly $1.4 billion in income he generated from crypto ventures last year.

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Now the industry is confronting the other side of its embrace of Trump: The alliance brought major wins in Washington, only for the president’s own crypto dealings to become an obstacle to locking some of those gains into law.

Crypto spent hundreds of millions of dollars trying to reshape Washington, betting that a…