CoinDesk’s article published today focuses on what happens after the bill stalls in Congress: bankers didn’t end up hitting the brakes, too.
The chain of events is clear. On September 15, the Senate held a procedural vote—49 in favor, 50 against—so it didn’t reach the 60-vote threshold, and the Clarity Act simply stopped there. Once Congress’s route was blocked, the momentum for the near-term U.S. crypto rulemaking shifted to the regulators: on September 9, the SEC issued an innovation exemption for tokenized securities, and on the 17th, the CFTC sent a package of crypto-asset trading and market rules documents to the White House OIRA for review.
The data didn’t panic. The disclosed crypto M&A amount in the first half was $9.7 billion, up 44% year over year; the number of deals was 87, down 8% year over year. Four deals accounted for 76%. The money concentrated into a small number of large transactions. CoinFund’s Jake Brukhman said this procedural failure preserved the existing uncertainty, rather than adding new burdens.
Next, we’ll see when the SEC and CFTC get review results back on the few documents they currently have. The regulators’ posture is closer to where <$BTC > and <$ETH > are right now in the process than to the bill’s progress.
The chain of events is clear. On September 15, the Senate held a procedural vote—49 in favor, 50 against—so it didn’t reach the 60-vote threshold, and the Clarity Act simply stopped there. Once Congress’s route was blocked, the momentum for the near-term U.S. crypto rulemaking shifted to the regulators: on September 9, the SEC issued an innovation exemption for tokenized securities, and on the 17th, the CFTC sent a package of crypto-asset trading and market rules documents to the White House OIRA for review.
The data didn’t panic. The disclosed crypto M&A amount in the first half was $9.7 billion, up 44% year over year; the number of deals was 87, down 8% year over year. Four deals accounted for 76%. The money concentrated into a small number of large transactions. CoinFund’s Jake Brukhman said this procedural failure preserved the existing uncertainty, rather than adding new burdens.
Next, we’ll see when the SEC and CFTC get review results back on the few documents they currently have. The regulators’ posture is closer to where <$BTC > and <$ETH > are right now in the process than to the bill’s progress.
