The Clarity Act is dead. Before the post-mortems and the planning sessions begin, a note of thanks. Many of you worked extremely hard on this bill over the last 18 months. You fought harder than most people will ever know to make sure we had a good product that actually worked for crypto. It required countless hours of research and analysis; endless calls and meetings to build consensus; rewriting the same sections over and over to find common ground; winning points and making concessions one by one in pursuit of an ambitious goal. Those efforts were a success. The bill did not pass, but neither did you compromise on your principles or the ultimate goal. It would have been easy to strike deal at any point by simply giving up and rolling over, and you were asked to do so every single day for 18 months. You did not. Your strength, courage, and confidence won the day. You should be proud. Many of us said since the start of this process that no bill is better than a bad bill, and by that metric, today is a victory. The Senate considered a good bill today, not a perfect one but a good one, and turned it down. The raw politics of the United States during an election year meant a good deal was not on the table. That's okay. Crypto will be fine without the Clarity Act. We are lucky to have two agencies, the SEC and CFTC, with all of the excellent staff and authority they need to do the job. They're ready to be unleashed, and so they shall be. The future of crypto policy is bright. Thank you all for your hard work. Breathe a sigh of relief, take a break, and get ready for what's next. We've only just gotten started.

The CLARITY Act didn't advance in the Senate today, which was a disappointment. While it's possible bi-partisan conversations continue and it lives to fight another day, we can't wait on Congress anymore. The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest. So clarity is coming to crypto regardless. And of course GENIUS is already the law of the land for stablecoins, which is even more permissive on rewards. There were some concessions we made on CLARITY that were tough to swallow, so perhaps it's for the best. Crypto can't be uninvented. With clarity emerging through the regulators, we'll continue updating the financial system.