On Wednesday, the U.S. Senate failed to advance the Clarity Act through a procedural cloture vote, closing the door on the most promising legislative effort to bring federal regulatory coherence to the cryptocurrency industry this session. The bill sought to resolve a long-standing ambiguity — one that has left digital asset companies navigating a fractured landscape of competing agency interpretations. In the absence of consensus, the industry inherits not lawlessness but something perhaps more disorienting: a silence where rules should be, and the weight of waiting for a future Congress to t