Clarity Act Stalls, but Crypto M&A Keeps Moving as Bankers Look Beyond Congress

The Clarity Act failed a procedural Senate vote on Sept. 15, drawing 49 votes in favor and 50 against, short of the 60 needed to advance. Talks broke down over ethics limits on officials’ crypto interests, including President Donald Trump’s, along with concerns about investor protection and illicit finance. With the midterms near and little time left, passage this year looks unlikely. Even so, bankers and investors told that they do not expect crypto mergers and acquisitions to stall. Paul McCaffery of KBW said the setback does not change the trajectory, since the SEC and CFTC are already supplying the certainty markets need.

SEC and CFTC Step In

Two days after the vote, the SEC approved a temporary Innovation Exemption allowing limited trading of tokenized US stocks on certain onchain venues. On Oct. 1 it proposed a rule on how investment firms can hold customer crypto, while the CFTC has eased barriers for some software providers and updated tokenization guidance. Todd White of Architect Partners expects this to boost tokenization deals.

Record Deal Value but Fewer Transactions

Disclosed crypto deal value hit a record $9.7 billion in the first half of 2026, up 44% from a year earlier. Announced acquisitions fell 8% to 87, and the four largest deals made up 76% of value. Payward’s purchases of Reap for $600 million and Bitnomial for up to $550 million, plus Nasdaq’s $100 million investment, show demand for licenses, technology and distribution.

Why Clarity Still Matters

Archetype’s Dmitriy Berenzon argued clearer law would bring more deals, citing the GENIUS Act’s effect on stablecoins. CoinFund’s Jake Brukhman said failure preserves existing uncertainty and blocks de-risking for token-centric firms, while equity-based infrastructure and payments businesses should be less affected. Galaxy Ventures’ Will Nuelle sees uneven effects across categories.