A cryptocurrency bill that was originally scheduled for a vote in the Senate committee on Thursday was abruptly halted on Wednesday evening. The reason is simple— the CEO of a major crypto exchange publicly opposed it on social media.

This is no small matter. After months of negotiations and consultations, the bill was close to the final legislative stage. The committee vote originally meant that the bill could move into a broader discussion phase. But one tweet changed everything.

Behind this incident lies a larger shift. Once, the crypto industry was seen as an outlier by regulators, passively accepting rules. But with Trump taking office, the tide turned. Regulatory attitudes shifted from strict enforcement to dialogue, and the industry gradually evolved from being "rule takers" to "rule makers."

What is the focus of the controversy? Restrictions on interest payments for stablecoins. Some lawmakers and regulators want to limit stablecoins from offering interest yields, claiming it’s to protect consumers and financial stability. But crypto companies argue this is overreach and would stifle innovation. The boundaries of SEC authority are also a focal point—who should decide the regulatory framework for stablecoins, the Securities and Exchange Commission or other agencies?

This intervention reveals the real power struggle behind crypto legislation. The fact that opposition from a single company can halt the voting process shows how influential the industry has become. No matter how you view this event, it’s clear that cryptocurrency has moved from the fringes to the center of power.