Jake Chervinsky: The Clarity Act didn’t pass, but crypto regulation discussions are just getting started Jake Chervinsky, a veteran U.S. crypto lawyer and the inaugural CEO of the Hyperliquid Policy Center, stated that the Senate did not pass the Clarity Act. However, the advocates behind it have spent the past 18 months conducting research, negotiations, and revisions without compromising on principles, standing firm on the belief that 'no law is better than a bad law.' He believes that the political maneuvering during an election year makes it hard to reach a 'good deal,' but the crypto industry can still operate without this legislation. The SEC and CFTC already have the authority and expertise needed for regulation. This setback is not the end—discussions around U.S. crypto regulation are just beginning.