The latest issue of Citation Needed paints a gloomy picture for the crypto industry. A number of companies have closed their doors as the so-called crypto winter drags on, with no clear end in sight. The closures add to a growing list of failures that have defined the sector over the past year.
At the same time, a venture associated with Donald Trump has reportedly abandoned its crypto-focused plans. The move is notable because it suggests even high-profile or politically connected projects are not immune to the industry's broader troubles. The source does not specify which venture or why the decision was made.
Separately, the Clarity Act failed to reach a vote before Congress's August recess. The proposed legislation, which sought to provide clearer rules for crypto, now faces an uncertain path forward. Together, these developments indicate that both the market and the regulatory landscape remain in flux.