A bit disappointing—the cloture vote for the Clarity Act only received 49 votes in favor, falling short of the 60 needed to pass. Looks like it’s stuck for the rest of the year. The market’s short-term expectations for the bill left by Trump have basically been dashed. Most likely, the new Congress will have to restart the process next year. The crypto industry’s hopes of using the Clarity Act to spark a major bull market are almost gone! But it’s okay . This article explains it well: a good bill that doesn’t pass is better than a bad bill that does. Plus, the SEC and CFTC will probably—and definitely—speed up the release of corresponding regulatory rules to take over the bill’s functions. During this time, there might even be some amplified market effects from the blurred boundaries. It’s really okay . I’ll just cry for a month and get over it. Sad about that.