The Senate shelved the CLARITY Act ahead of its August recess, leaving the market-structure bill without a floor vote. JPMorgan had described the legislation as a significant potential catalyst, and warned that delays in Senate action could result in tokenization and blockchain applications being absorbed by traditional market infrastructure rather than benefiting public crypto networks. Coinbase withdrew its support over provisions that could limit stablecoin rewards. Citi estimates the global market for tokenized financial assets, currently valued at $17 billion, could reach $5.5 trillion by 2030, but without a clear regulatory framework, much of that growth may remain within traditional financial systems rather than public blockchains.
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