A crucial vote on U.S. President Donald Trump’s landmark digital asset legislation, the Clarity Act, resulted in a crushing defeat for the cryptocurrency industry today.

Earlier today, the Senate voted 50-49 against passing the Clarity Act, which aimed to regulate crypto assets at the federal level, as part of Trump’s push to establish the U.S. as a leader in digital asset innovation.

The defeat left crypto industry leaders stunned and extremely disappointed. “This one stings,” said Ripple Labs Inc. Chief Executive Brad Garlinghouse in a post on X. “A post mortem needs to be done on why this failed. The politics of the democrats (the anti-crypto army) was elevated over good policy.”

Lawmakers have been trying to push the…