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FollowingSenate vetoes landmark crypto bill: Saylor sees it as industry positive
Strategy founder Michael Saylor sees the Senate's failure to advance the Digital Asset Market Clarity Act as a potential positive for the digital asset industry, which runs counter to the industry's widespread view that the vote is a major setback.
On September 15, 2026, the Senate voted on the closure vote, with a vote of 49 in favor and 50 against, failing to meet the required 60-vote threshold. Because the bill required 60 votes to pass the step of ending the debate process, the legislative process stalled at this stage.
The Digital Asset Market Clarity Act aims to establish a federal regulatory framework for digital assets and clarify the boundaries of responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). At the heart of the controversy lies the ethics provisions governing official cryptocurrency holdings, rather than the broader market regulatory structure itself. The House of Representatives passed the CLARITY bill with a vote of 294 - 134 in July 2025, but the Senate was divided on issues such as ethics, reward mechanisms, decentralized finance (DeFi) and regulatory authority, which prevented the bill from being passed quickly.
Selle's reasons for "looking forward"
塞勒认为，相比接受最终妥协方案中写入的限制性条款，数字资产行业从联邦监管机构那里争取更具支持性的规则更为有利。他将该法案的否决称为一个“积极的转折点”，并警告称法律可能会使限制性措施永久化。
塞勒承认CLARITY法案最有力的论点在于，一部法律可以保护行业免受未来敌意行政当局的影响，但他反驳称，“没有任何成文法能将政治从监管中完全剥离。”他指出，立法既可能确立新的权利，也可能固化限制；而在监管窗口依然开放之际，行业应致力于扩大合规产品的规模，这才是更符合行业利益的做法。
尽管投票结果如此，包括SEC和CFTC在内的监管机构仍在积极推进规则制定。塞勒写道：“我们拥有一届愿意现代化金融市场的政府。我们应该利用接下来的两年时间，将更好的金融产品交到人们手中。”
2026年9月17日，SEC针对代币化股票的链上交易发布了为期五年的创新豁免令；CFTC则针对软件开发者发表了不采取执法行动的立场声明。与此同时，SEC关于《加密资产监管条例》的提案公众意见征集将持续至2026年10月20日。
SEC主席保罗·阿特金斯表示，在国会未能推进该法案的情况下，机构将继续利用其现有职权。随着2026年临近第四季度，塞勒希望行业重新聚焦于2027年和2028年，利用现有的监管空间扩大产品规模，然后再追求那些真正需要额外国会授权的限制性更强的立法。
