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What did the market look like after the Senate vote?

The Clarity Act, a bill expected to clarify which U.S. regulators oversee digital assets, failed to clear a procedural vote in the Senate on Sept. 15. It fell 49-50, short of the 60 votes needed to move forward.

Negotiations bogged down over ethics restrictions on senior officials’ crypto business interests, investor protections and anti-money-laundering concerns, sharply reducing the chances of the bill becoming law this year. With the November midterm elections approaching and Congress running short on time, expectations have shifted toward regulators filling the gap for now.

Even so, market participants do not expect an abrupt slowdown in crypto acquisitions. Analysts say the impact is more likely to be felt in business lines exposed to regulatory uncertainty, while deals in areas with clearer rules can continue.

What do the numbers and major deals say?

According to CryptoRank Research, announced deal value in the digital asset industry hit a record $9.7 billion in the first half of 2026. That was up 44% from the same period a year earlier.

However, the number of announced acquisitions fell 8% year on year to 87. The fact that 76% of the total disclosed value came from just the four largest transactions shows the market is being driven by a handful of large deals rather than a broad-based rebound.

Notable deals

  • Payward agreed to buy payments company Reap for $600 million.
  • The company also agreed to pay up to $550 million for derivatives platform Bitnomial.
  • Nasdaq decided to invest $100 million in Payward and expand their commercial partnership.

Taken together, the deals suggest appetite remains strong for licenses, technology and distribution channels, even if broader U.S. legislation is delayed.

Which areas are being supported by SEC and CFTC moves?

Two days after the Senate vote, the SEC (Securities and Exchange Commission) approved a temporary "Innovation Exemption" allowing limited trading of tokenized U.S. stocks on certain on-chain platforms. The agency also proposed a new rule on Oct. 1 aimed at clarifying how investment firms should hold and protect clients’ crypto assets.

The CFTC (Commodity Futures Trading Commission) also took steps to reduce some barriers through exemptions granted to certain software providers and updated guidance on tokenized investments and blockchain-based recordkeeping. Market participants say exchange infrastructure, spot trading, tokenized collateral, payment systems and areas with clearer rules are likely to be less affected, while caution may continue among token-focused companies and startups seeking pre-token financing.

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