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FollowingBitwise首席投资官马特·豪根：参议院立法失败或意外加速监管进程
Bitwise首席投资官马特·豪根（Matt Hougan）提出了一个看似违反直觉的观点：参议院未能通过具有里程碑意义的加密立法，反而可能加快了监管进程。尽管这导致行业失去了其原本期待已久的持久性法律框架。
搁置法案的投票
2026年9月15日，美国参议院就《数字资产市场清晰度法案》（Digital Asset Market CLARITY Act）进行终结辩论投票，但该投票未获通过。
此次终结辩论投票的失败意味着参议院未能获得结束阻挠议事所需的60票。因此，该法案从未进入实质性的条款表决阶段。
法案的失败源于针对官员加密货币持仓的道德规范条款，而非行业所期望的证券交易委员会（SEC）和商品期货交易委员会（CFTC）的市场结构框架。
包括吉尔布兰、华纳、布克、沃诺克、加列戈、阿尔斯布鲁克斯和科尔特斯·马斯托在内的民主党人，花费数月时间谈判文本，但最终全部投了反对票：原本指望提供七票支持的这一阵营，最终一票未得。
随后，参议员汤姆·蒂利斯出于程序原因将投票改为反对，从而保留了重新审议的技术路径。这意味着该法案目前处于停滞状态，而非在法律上彻底死亡。
SEC actions in Congress 'absence
In the days after the vote collapsed, the SEC acted on two levels.
On September 17, 2026, the SEC approved a temporary, conditional exemption-the "Innovation Exemption" to allow limited trading of tokenized stocks in tokenized securities venues (TSVs).
Under the new rules, TSVs will be allowed to operate licensed automated market makers and liquidity pools without registering as a national stock exchange or alternative trading system.
SEC Chairman Paul Atkins said by adopting the "innovation exemption," regulators are taking an "important step" within their legal authority to bring U.S. capital markets into the digital age.
However, the policy does not allow unlimited tokenization of U.S. stocks: tokenized shares must give investors the same voting and dividend rights as traditional shares, and price-tracked synthetic tokens are not eligible.
Subsequently, the SEC issued additional encryption guidance on September 25, further extending its aggressive rulemaking trend to the end of the quarter.
Hagen's in-depth interpretation
Hagen's views nuanced (subtle and detailed). He believes that while the industry has gained faster regulatory action in the near term, it has lost the long-term legislative certainty that only a statutory framework can provide.
This vote eliminated "persistence" rather than "clarity." Future committees could withdraw institutional rules.
In fact, this marks the basic end of the Senate's market structure legislation in 2026. This means that, at least for now, the regulatory path for crypto assets in the United States depends almost entirely on the SEC and CFTC.
