A lot of people might have misunderstood the reason behind this Bitcoin rally from the very beginning. The market has been treating the CLARITY Act as a key catalyst for this Crypto bull run. But Bitwise CIO Matt Hougan recently made it clear: The failure of the CLARITY Act is just a "speed bump," not a "roadblock." This chart even makes the answer crystal clear Since July: The predicted probability of the CLARITY Act passing this year: 39% → 18% At the same time: Bitcoin: Up about 38%. If this bull run were truly built on the CLARITY Act, then as the probability of the bill passing plummeted, BTC should theoretically have dropped as well. But the reality is the exact opposite. Why? Because what truly matters might not be a single piece of legislation at all. Wall Street hasn’t stopped to wait for Congress. And after the CLARITY Act failed to clear the 60-vote threshold in the Senate procedural vote, both the SEC and CFTC publicly stated they would continue advancing Crypto regulatory rules within their existing statutory authority. This is what I think is the most noteworthy point: In the past, Crypto was waiting for regulatory approval. Now, traditional finance is directly stepping in, and regulators are actively establishing the rules. So yes, the failure of the CLARITY Act might cause short-term sentiment shifts and volatility. But it hasn’t changed one thing: Bitcoin rose 38% while the probability of the bill passing was cut in half. The market has already told you through its price— This rally was never just about trading the CLARITY Act. The real big trend? Crypto might be transitioning from "waiting for Wall Street to accept it" to "Wall Street officially integrating it into the financial system."