J. Christopher Giancarlo, former CFTC chairman, argues that the US crypto industry can continue to grow and innovate even if the CLARITY Act remains stalled in the Senate. He says the SEC and CFTC already have the authority to issue clearer rules without waiting for a new statute. He nevertheless acknowledges that the bill would improve regulatory clarity and support initiatives such as LabCFTC. After the Senate cloture vote failed on September 15, 2026, by a margin of 49 votes to 50, attention is shifting toward the regulators on token classification, exchanges, stablecoins and decentralized finance. The GENIUS Act, signed in July 2025, is the only major law already in force, while tensions linked to Donald Trump’s memecoin activities are slowing the CLARITY Act’s progress.
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