Crypto.com founder: Crypto’s battles will continue, but the war is over

On Tuesday, the Senate failed to secure the 60 votes required to pass a procedural motion advancing the Digital Asset Market Clarity Act.

Coming on the heels of a 294-134 House victory and years of bipartisan collaboration, watching this landmark piece of legislation stall on a procedural vote is deeply frustrating to many of us in the industry.

As a founder who has spent years championing this framework, it is natural to view Tuesday’s result as a significant setback.

But even amid this disappointment, there is a silver lining for the digital asset ecosystem: we already won.

The debate over the Clarity Act is not the first time a battle has been fought over a conflict that has already been resolved.

On January 8, 1815, American troops routed the British at the Battle of New Orleans, the last major confrontation of the War of 1812.

More than 2,000 British soldiers were killed, wounded, or captured, compared to only a few dozen Americans.

Unbeknownst to the combatants, negotiators had signed a peace treaty in Europe two weeks earlier.

The news was still crossing the Atlantic.

Those soldiers fought a battle over a dispute that had already been settled elsewhere.

The congressional debate over digital assets has a similar quality.

It was not decided by attacking the financial establishment, but by hundreds of millions of ordinary people in the United States, Mexico, Vietnam, Nigeria, Brazil, Turkey and across the globe.

They compared what the traditional system offered with a better alternative and voted with their own money.

A construction worker in Texas sending wages home can pay an intermediary a steep fee and wait days, or send a stablecoin that arrives in seconds for a fraction of a cent.