As the U.S. Senate’s Clarity Act stalls, analysts say big crypto firms such as Coinbase and Circle are benefiting from the regulatory delay, while smaller companies, DeFi projects and community banks bear heavier uncertainty. Ark Invest increased holdings in Coinbase and Circle, and Circle secured federal national trust bank approval in July. The bill has grown in length, would split SEC and CFTC oversight, and impose disclosure, registration and AML duties. Bitcoin has slipped, and spot ETF inflows hit a monthly low.

U.S. Treasury Secretary Scott Bessent urged the Senate to hold an immediate vote on the Clarity Act, a digital asset market structure bill. He said Democrats are delaying for political reasons and warned the United States could lose leadership without clear rules. Bessent defended the bill’s consumer protection and anti-illicit finance provisions and backed a clause codifying Treasury policy on decentralized developers. Negotiations remain stalled over ethics provisions.