The CLARITY Act did not advance in the Senate. Prediction markets now put 2026 passage in the single digits. But the agencies were never waiting on Congress. @kspaglia, Chief Legal Officer at Pantera, joins Stateful, hosted by @masonnystrom, to break down what happens next: - The ethics provisions killed it, not the bank and exchange yield fight - Reg CA is the real unlock: raise US capital pre-decentralization, then self-certify into commodity status - Disclosure finally built for tokenomics and governance instead of IPO-style filings - Prediction market regulation is the next fight, and it may reach the Supreme Court 01:44 Why the Ethics Provisions Killed the Bill 03:37 How the SEC and CFTC Are Filling the Gap 04:16 Reg CA: The Capital Raising Unlock for Early-Stage Projects 07:21 What This Means for Tokenization and Institutional Adoption 08:58 The Pendulum Risk of Agency-Led Rulemaking 10:18 Will a Future CLARITY Act Pass? 11:14 Prediction Markets: The Next Regulatory Battle to Watch