According to @FoxNews, the U.S. political landscape for cryptocurrency is growing more complex as Senator Adam Schiff introduced the COIN Act to prohibit officials like Donald Trump from issuing or sponsoring digital assets, citing ethical concerns. This move creates a layer of political uncertainty, even though Schiff himself recently supported a stablecoin bill and is considered an industry ally. In a contrasting move, the crypto-industry's Fairshake super PAC continues its aggressive spending, dropping another $1 million to successfully back a pro-crypto candidate in a Virginia primary, and reportedly still holds a $116 million war chest for future elections. These regulatory and political battles are unfolding as the broader crypto market faces downward pressure, with provided data showing 24-hour price declines for major assets like Ethereum (ETH) at $2532.42 (-1.86%), Solana (SOL) at $147.96 (-2.99%), and Cardano (ADA) at $0.5734 (-2.896%), highlighting the significant market impact of Washington's legislative decisions.

According to @FoxNews, a significant legislative effort to ease crypto taxation in the U.S. has stalled after the Senate passed a major budget bill without an amendment from Senator Cynthia Lummis. The proposed change would have waived capital-gains taxes on small-scale crypto transactions, but its failure means the current, more complex tax rules remain in place for now. From a trading perspective, this maintains regulatory uncertainty. In parallel, the crypto-focused political action committee, Fairshake, continues its influential spending, recently backing a winning candidate in a Virginia special election. With approximately $116 million still on hand from backers like Coinbase and Ripple, Fairshake's sustained political push signals a long-term industry strategy to secure favorable legislation. This legislative backdrop coincides with market volatility, as provided data shows Ethereum (ETH) trading around $2,491 after a 4.2% decline and XRP near $2.22, down 2.5% over 24 hours.

According to @PelosiTracker_, U.S. Senator Adam Schiff, despite being considered a crypto ally with an 'A' grade from advocacy group Stand With Crypto, has introduced the COIN Act to prohibit government officials like Donald Trump from issuing or sponsoring digital assets. The source states this move, supported by other Democrats, creates significant regulatory uncertainty for the crypto market as it clashes with the industry's push for clearer legislation. In a parallel development, the report highlights that the crypto industry's Fairshake PAC continues its aggressive political spending, recently directing $1 million to support a candidate in a Virginia special election and holding approximately $116 million for future races. This complex political landscape unfolds as the crypto market shows mixed signals; according to the provided data, Solana (SOL) is trading at $153.94, up 1.077%, and Ripple (XRP) is at $2.2383, up 1.639%, while Ethereum (ETH) is down 0.779% to $2488.87 and Cardano (ADA) has seen a slight dip of 0.278% to $0.5731, indicating trader sensitivity to regulatory news.