Congress failed to pass the Clarity Act.
But look at what happened in the 10 days after.
Sep 15 — Senate fails to pass the Clarity Act.
Sep 17 — SEC allows limited on-chain trading of tokenized US stocks. CFTC opens the door for developers to build passive derivatives software without broker registration.
Sep 18 — CFTC sends new crypto market rules into White House review.
Sep 23 — CFTC starts laying out clearer crypto market structure and plans for 24/7 on-chain financial markets.
Sep 24 — New guidance on tokenized assets and blockchain recordkeeping. Fed proposes stablecoin rules under GENIUS.
Sep 25 — SEC releases fresh guidance on how securities laws apply to crypto.
The bill stalled.
The infrastructure around crypto kept moving.