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Despite the U.S. Senate shelving the Clarity Act, cryptocurrency M&A activity has still hit a record high. Deal parties are assessing the actual impact of regulatory uncertainty on existing transactions.
The U.S. Senate failed to advance the Digital Asset Market Clarity Act, with the retirement of key lawmakers making it impossible to revive this 635-page bill, backed by both Wall Street and the crypto industry, before the end of the year, leaving the crypto regulatory framework facing a complete reset.
the U.S. Senate recently failed to advance the 635-page Digital Asset Market Clarity Act (Clarity Act), which aims to establish a regulatory framework for digital asset market structure.The bill sought to legally classify crypto tokens, set licensing requirements for trading-related businesses, and delineate the regulatory jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). (CoinDesk)
HPC recommends that the EU adjust MiCA based on the existing financial regulatory framework, and advocates bringing on-chain perpetual contracts under MiFID II regulation.
Data shows that the cryptocurrency industry spent over $13 million in the first half of 2026, with approximately $8 million specifically dedicated to lobbying for the Clear Act. Despite the heavy spending, the bill has yet to pass the Senate.
Odaily News: Last week, no Democratic senators in the U.S. Senate voted to advance the Clarity Act, and the bill failed to move to the next procedural step. The bill was intended to establish regulatory rules for digital assets and aimed to reduce everyday transaction costs in the United States. (CoinDesk)
According to Crypto in America, former CFTC Chair Russ Behnam stated at the Georgetown University conference on financial market quality that as prediction markets experience explosive growth, Congress urgently needs to clarify the boundary between risk management and gambling, with related litigation potentially ultimately reaching the U.S. Supreme Court. Behnam also noted that after the Clarity Act failed to advance in the Senate, relying on existing authority to regulate the spot market leaves the CFTC effectively “patching things together with tape and paperclips,” and regulators urgently need to establish more durable rules.
Odaily reports: The U.S. Senate failed to pass a key procedural vote on the Digital Asset Market Clarity Act, leaving the bill's future uncertain. The bill aims to clarify the division of regulatory authority over the crypto market between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).The two parties failed to reach agreement on ethics provisions that would restrict the crypto business ties of the President and senior government officials. Disagreements over stablecoin yield, decentralized finance risks, and the bill's text, combined with the approaching midterm elections, are all affecting the bill's advancement. (CoinDesk)
The legislative process of the U.S. Clarity Act has fallen through due to jurisdictional disputes among regulators and disagreements over bill details, leaving a unified regulatory framework for the cryptocurrency industry yet to be implemented.
Senator Cynthia Lummis (@SenLummis) posted that the U.S. Senate voted on the "Clarity Act," which aims to empower the Treasury Department to cut off money laundering activities conducted through offshore exchanges such as Binance. Lummis accused Democrats of voting against the bill, claiming they are unwilling to protect American citizens from the threat of offshore money laundering. Critics, however, pushed back, citing constitutional concerns and a corruption loophole targeting the current president as reasons for its defeat.
Odaily News: The U.S. Senate failed to advance the Clarity Act last week in a procedural vote of 49 in favor and 50 against, falling short of the required 60-vote threshold. Negotiations on the market structure bill reached a deadlock over ethics provisions related to Trump's crypto business.The U.S. Securities and Exchange Commission (SEC) subsequently introduced a digital asset "innovation exemption," allowing qualifying platforms to trade onchain tokenized U.S. stocks without registering as national securities exchanges. The U.S. Commodity Futures Trading Commission (CFTC) issued a no-action position for passive software providers and submitted a broader crypto market rulemaking proposal to the White House for review.The Federal Reserve proposed requiring stablecoin issuers under its supervision to fully back tokens with safe, liquid assets and hold capital against operational risks. The Office of the Comptroller of the Currency (OCC) is advancing stablecoin rulemaking and plans to finalize the relevant rules by November. (Decrypt)
According to CoinDesk, the crypto lobbying group Blockchain Association announced that CEO Summer Mersinger is stepping down, with original founder Kristin Smith assuming the role of interim leader, and the transition to be completed on October 16. This leadership change comes shortly after the industry's Digital Asset Market Clarity Act was rejected by the Senate.
CFTC 主席 Mike Selig 宣布在《Clarity 法案》受阻后，机构将利用现有法定权限独立起草加密市场结构规则，目前相关前置文件已提交白宫。
Odaily reports: U.S. Commodity Futures Trading Commission (CFTC) Chair Mike Selig stated that after the Senate rejected the Clarity Act, the CFTC will still advance crypto market structure rulemaking, saying "now is the time to act."Selig pointed out that the CFTC's existing statutory authority provides room for advancing rules without waiting for Congress to pass new legislation. The agency will also reassess existing rules applicable to 24/7 on-chain markets driven by algorithms and intelligent agents.Related arrangements may include establishing a designated contract market category to allow exchanges to offer crypto leveraged trading under CFTC oversight; however, the CFTC does not have the authority to regulate the spot market on this basis, and spot market regulation still requires legislation. (Decrypt)
White House cryptocurrency policy adviser Patrick Witt dismissed claims that Trump's conflicts of interest caused the failure of the Clarity Act, insisting that the president has agreed to strict ethics provisions, including placing his assets in a blind trust, and attributed the bill's demise to partisan politics and lobbying activities.
Senator Lummis accused Democrats of deliberately obstructing the progress of the Crypto Clarity Act to vent their frustration over Donald Trump, leaving the industry facing regulatory uncertainty.
Odaily News: U.S. Republican Senator John Curtis of Utah has sent a letter to Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Dick Durbin, calling for an investigation into whether Donald Trump Jr. and Hunter Biden used their presidential family connections to obtain private economic benefits, and requesting that both be subpoenaed.Curtis noted that Donald Trump Jr. previously accepted wedding gifts from Russian oligarch Umar Kremlev, actively promoted a family-backed crypto business, and served as an advisor to a prediction market platform; the company in question is regulated by the Commodity Futures Trading Commission. Donald Trump stated that his son has returned the relevant payments to Umar Kremlev.Curtis also requested an investigation into Hunter Biden's large-scale business dealings with foreign entities, as well as whether both individuals used their relationship with the president to create business value. He mentioned that Joe Biden pardoned Hunter Biden in December 2024, and the latter had previously denied involving his father in business transactions.The call for this investigation comes one week after Senate Republicans failed to secure enough Democratic support to advance the Digital Asset Market Clarity Act. Some Democratic lawmakers opposed the bill, citing reasons including Donald Trump's use of crypto businesses to gain benefits related to the presidency; Donald Trump disclosed that he earned $1.4 billion from digital asset-related businesses in 2025. (Cointelegraph)
Odaily News: White House crypto affairs advisor Patrick Witt and U.S. Treasury Assistant Secretary for Financial Institutions Luke Pettit stated that they hold reservations about the possibility of the Clarity Act making progress by the end of the year, with the current focus being on developments at financial regulatory agencies.The two noted that during the "lame-duck" session following the congressional elections, whether the relevant crypto bill can regain momentum will depend on the election results. (CoinDesk)
White House and Treasury officials state that the Digital Asset Market Clarity Act is unlikely to pass during Congress's lame-duck session, with policy focus shifting to regulators such as the SEC and CFTC to accelerate rulemaking using their existing authority.
Odaily reports: The U.S. Senate failed to advance the Digital Asset Market Clarity Act on September 15 with a vote of 49 in favor and 50 against, and with limited remaining legislative sessions before Congress's 2027 term, the bill's chances of passage have diminished.Fairshake, a political action committee backed by Coinbase and Ripple Labs, plans to spend $30 million in the Ohio Senate race to oppose Sherrod Brown. Fairshake spent over $130 million on advertising during the 2024 election cycle and approximately $41 million opposing Brown.Stand With Crypto, an advocacy group launched by Coinbase in 2023, said it will mobilize supporters to participate in the 2026 midterm elections based on lawmakers' voting records on the bill. As of Monday, Fairshake and its affiliated political action committees had not disclosed any new spending following the vote. (Cointelegraph)