Crypto dealmaking is showing resilience after the U.S. Senate blocked a key procedural step for the Clarity Act, a bill intended to establish clearer oversight rules for digital assets. Bankers and investors told CoinDesk that the setback could limit activity in some parts of the market, but is unlikely to halt acquisitions altogether.
Senate vote leaves regulatory questions unresolved
The Clarity Act was designed to provide a longer-term framework for determining which digital assets and activities fall under the jurisdiction of the Securities and Exchange Commission (SEC) and which belong under the Commodity Futures Trading Commission (CFTC). Supporters argued that legislation would give businesses and investors more certainty than relying primarily on regulatory policies that may change with different administrations.
That effort suffered a major setback on Sept. 15, when the bill failed to clear a Senate procedural vote. The measure received 49 votes in favor and 50 against, below the 60 votes required for it to advance.
Negotiations had become entangled in disputes over ethics restrictions affecting senior officials’ crypto-related business interests, including those of President Donald Trump. Lawmakers also raised concerns involving investor protection and illicit finance. With the November midterm elections approaching and limited legislative time remaining, the vote sharply reduced the bill’s prospects of passing this year.
The immediate consequence is that regulators remain central to filling the policy gap. That matters for the crypto mergers and acquisitions market because uncertainty can affect how buyers value companies, assess their legal exposure and decide whether to enter the U.S. market.
Record value, but activity is concentrated
The Senate outcome might be expected to make traditional financial firms and other potential acquirers more cautious, particularly when a target relies on tokens or business models whose regulatory treatment is not settled. However, market participants do not expect the defeat to bring crypto M&A to a standstill.
Paul McCaffery, head of digital assets at investment bank KBW, said the setback had not changed the sector’s trajectory. He argued that the SEC and CFTC are already taking steps intended to provide more certainty, helping unlock transactions across digital assets, traditional financial services and fintech.
The figures show a market with substantial deal value, although not broad-based growth. Disclosed digital-asset deal value reached a record $9.7 billion in the first half of 2026, up 44% from the same period a year earlier, according to CryptoRank Research. At the same time, the number of announced acquisitions dropped 8% year over year to 87.
Four transactions represented 76% of all disclosed value. That concentration indicates that the headline record was driven largely by a small number of very large deals rather than an increase in acquisitions across the entire industry.
Payward, the parent company of Kraken, illustrates the type of strategic transaction still moving forward. It agreed to acquire payments company Reap for $600 million and derivatives platform Bitnomial for as much as $550 million. Nasdaq also agreed to invest $100 million in Payward while expanding its commercial partnership with the company.
The transactions point to continued buyer interest in licenses, technology and distribution networks—assets that can support growth even while comprehensive U.S. crypto legislation remains stalled.
Regulators may support some categories
Regulatory developments outside Congress have helped maintain momentum in selected areas. Two days after the Senate vote, the SEC approved a temporary “Innovation Exemption” permitting limited trading of tokenized U.S. stocks on certain onchain venues. On Oct. 1, the agency proposed a rule addressing how investment firms may handle and safeguard customer crypto assets.
The CFTC has also removed some regulatory obstacles, including by providing relief to certain software providers and updating guidance on tokenized investments and blockchain-based recordkeeping.
Todd White, a partner at advisory firm Architect Partners, said the SEC’s response could encourage commercial activity and strategic transactions tied to tokenization. He pointed to an existing shift toward more liquid assets and institutional finance, arguing that the exemption could add to that momentum.
Will Nuelle, a general partner at Galaxy Ventures, similarly said deal activity had already concentrated in areas that the SEC and CFTC had made less risky through Project Crypto and joint guidance. He identified exchange infrastructure, spot trading and tokenized collateral among those categories.
That creates an uneven market. Equity-based infrastructure and payments businesses, as well as companies operating under clearer existing rules, may face less impact from the legislative delay. By contrast, token-focused companies and businesses seeking financing before issuing a token may find it harder to attract buyers.
Why the Clarity Act still matters
Some investors and advisers reject the idea that agency action can fully replace legislation. Dmitriy Berenzon, a partner at venture firm Archetype, said a clearer legal framework would lead to more transactions and partnerships across financial services and ultimately support economic activity. He also cited the positive effect he believes the GENIUS Act has had on stablecoin adoption, arguing that clearer and better-informed rules would be beneficial.
Jake Brukhman, founder and chief executive of CoinFund, offered a more measured assessment. In his view, the failure of the Clarity Act does not necessarily make the regulatory environment worse; instead, it preserves the uncertainty that was already weighing on the sector. The legislation would have reduced regulatory risk and potentially accelerated dealmaking, especially for token-centric companies.
For now, buyers appear willing to pursue opportunities where the regulatory path is more established, while taking a harder look at businesses exposed to unresolved questions. The longer-term issue is whether that selective approach can continue if Congress does not produce a durable framework for digital assets.
Moneyiar market picture
Moneyiar market data at the stated times show mixed performance among the listed crypto assets:
- Ethena (ENA): $0.2544029822, up 7.1% over 24 hours and down 1.72% over seven days, as of Oct. 5, 2026, at 09:33 +03:30.
- AKEDO (AKE): $0.031791705, down 7.16% over 24 hours and up 8.48% over seven days, as of Oct. 5, 2026, at 09:33 +03:30.
- Comedian (BAN): $0.0663411559, down 0.17% over 24 hours and up 3.19% over seven days, as of Oct. 5, 2026, at 09:34 +03:30.
- Lorenzo Protocol (BANK): $0.0369242006, up 5.05% over 24 hours and up 4.28% over seven days, as of Aug. 19, 2026, at 02:59 +03:30.
These figures are market snapshots and do not indicate how regulatory developments will affect individual assets or future M&A activity.
