Bitwise Chief Investment Officer Matt Hougan argues that the Clarity Act’s failure gave crypto more favorable rules faster, though it left the industry without the certainty of federal law. The Senate rejected a move to advance the bill on September 15 by 50 votes to 49. Since then, bitcoin has risen nearly 11% and ether roughly 12%. The Securities and Exchange Commission issued a five-year exemption allowing limited trading of tokenized U.S. stocks on onchain platforms. Hougan warns that a future administration could change rules that Congress has not put into law.