Galaxy Research Head of Research Alex Thorn wrote that the U.S. Senate has failed to advance the Digital Asset Market Clarity Act (CLARITY Act). Although there are behind-the-scenes efforts to revive it, no further progress is expected this year. He believes that in the short term, the crypto industry can still rely on regulatory agencies' rule-making and guidance to achieve a clearer regulatory environment, but these measures could be reversed by future administrations. Thorn pointed out that administrative regulation cannot replace legislation: the CFTC cannot grant itself authority over spot market regulation, regulatory interpretations cannot replace state regulatory systems, and protections for non-custodial developers remain at risk of being revoked if not codified into federal law. He suggests that the industry should use the next two years to validate the feasibility of spot market monitoring, tokenized securities trade settlement, and large-scale stablecoin payments, building a foundation for Congress to revisit legislation in the future. https://(wublock123.com)/news/galaxy-research-head-sees-clarity-act-no-progress-regulators-can-clarify-crypto-rules-68642