Undang-Undang CLARITY Gagal, Tetapi Kripto Tidak Berhenti

ZeroBlock · 2026-09-21T15:20:27.000Z

Yang menarik perhatian saya adalah bahwa Undang-Undang CLARITY tidak sekadar gagal karena satu pihak memilih menentangnya. Pemungutan suara prosedural di Senat berakhir 50 menentang dan 49 mendukung. Empat Republikan bergabung dengan Demokrat dalam memblokir rancangan undang-undang itu agar tidak berlanjut. Namun, bagian yang lebih menarik terjadi sebelum pemungutan suara. Ribuan jam dilaporkan dihabiskan untuk negosiasi antara senator dan staf mereka. Ada momen ketika kedua belah pihak tampak sangat dekat dengan kesepakatan. Namun, beberapa kompromi itu kembali runtuh. Gesekan terbesar tampaknya berasal dari detail-detailnya.

What caught my attention is that the CLARITY Act did not simply fail because one side voted against it.
The Senate procedural vote ended 50 against and 49 in favor. Four Republicans joined Democrats in blocking the bill from moving forward.
But the more interesting part happened before the vote.
Thousands of hours reportedly went into negotiations between senators and their staff. There were moments when both sides appeared close to agreement. Then some of those compromises fell apart again.
The biggest friction seems to have come from the details.
Democratic aides said crypto industry pressure became part of the problem. Reports also pointed toward disagreements around crypto ethics and several major policy areas.
Coinbase CEO Brian Armstrong became one of the names connected to the debate. His position was more complicated than simply supporting or opposing the bill. He said earlier versions had problems around stablecoin rewards and other issues. He later supported the Senate version after changes were made.
That distinction matters.
The failure of CLARITY does not mean crypto regulation has stopped moving. It means the US still has not reached agreement on how digital assets should fit inside the existing financial system.
And there is another important point.
Crypto adoption is not waiting for Congress.
Banks are still building blockchain infrastructure. Tokenization is still expanding. Stablecoins are still being integrated into financial markets. Institutions are still experimenting with digital assets.
So I would not treat September 15 as the end of the regulatory story.
The bigger question is what comes next.
If lawmakers return with another market structure bill then the details around stablecoins DeFi tokenization and SEC versus CFTC authority will probably remain central.
For the market the immediate reaction may matter less than the eventual framework.
A failed vote creates uncertainty.
But uncertainty is not the same thing as a stopped industry.
The real test now is whether the next attempt produces clearer rules without creating another round of internal industry conflict.