Crypto Dealmaking Continues Unfazed by Clarity Act's Senate Setback

The Clarity Act, a long-awaited piece of legislation aimed at clarifying the regulatory framework for digital assets in the US, has stalled in the Senate. The bill failed a procedural vote on September 15, with 49 votes in favor and 50 against, falling short of the 60 needed to advance. Despite the setback, bankers and investors in the crypto industry do not expect the failure to significantly impact dealmaking. In fact, they see it as an opportunity for regulators to provide more clarity, with the SEC and CFTC already taking proactive steps to provide regulatory certainty. This has led to a wave of mergers and acquisitions in the digital asset sector, with dealmaking reaching a record $9.7 billion in disclosed value in the first half of 2026. According to Paul McCaffery, head of digital assets at investment bank KBW, 'The Clarity Act's setback doesn't change the trajectory. The SEC and CFTC are already moving proactively to provide the regulatory certainty markets need.' The SEC has recently approved a temporary 'Innovation Exemption' allowing limited trading of tokenized US stocks on certain onchain venues, and has proposed a new rule to clarify how investment firms can handle and keep customer crypto assets. The CFTC has also been removing regulatory barriers, providing relief to certain software providers and updating guidance around tokenized investments and blockchain-based recordkeeping. However, not everyone is optimistic, with some arguing that a clearer legal framework would result in more deals and partnerships. Dmitriy Berenzon, partner at venture firm Archetype, said 'Clearer legal framework would absolutely result in more deals, more partnerships permeating across financial services and beyond, and ultimately more economic prosperity for both citizens in the US as well as abroad.' The impact of the Clarity Act's failure will likely be uneven, with some areas of the industry more affected than others. Token-centric companies and pre-token financings may be harder to buy, but equity-based infrastructure, payments, and businesses operating under clearer existing rules may be less affected. The question now is whether buyers will continue to pursue strategic opportunities while Washington works towards a lasting rulebook, or whether prolonged uncertainty will make them hesitate.