America’s crypto market structure legislation appears dead as a doornail after Republicans seriously underestimated Democrats’ desire to rein in corruption.

Tuesday’s cloture vote on the Senate’s digital asset market structure bill (the CLARITY Act) required a supermajority of 60 votes to advance, but fell well short of that mark. In the end, Republicans couldn’t even deliver all 53 members of their own party, or even a simple majority, with the final tally standing at 49…