Can big political donations lead to big political outcomes for the crypto industry? The assumption seems to be yes, as ahead of the Nov. 3 midterms in the U.S., crypto lobbying groups have spent about $176 million across more than 100 congressional races, according to a Reuters review.

But astute readers will point out that similar efforts haven’t always led to the policies that crypto companies were looking for in the past, including quite recently. For instance, on Sept. 15, the Senate failed to advance the Clarity Act, which would have divided crypto oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) while setting rules for market structure. So, how is…