Commercial Bank: Crypto Deals Continue Despite Clarity Act Delay

The US crypto sector will have to wait longer for clear national regulations. The Clarity Act did not come through a major vote in the Senate last month. Nevertheless, the uncertainty does not seem to deter large financial parties for the time being.

The failed vote raises the question of whether companies are becoming more cautious with acquisitions and mergers in the crypto sector. According to Paul McCaffery, head of digital assets at investment bank KBW, there is little evidence of this for the time being. “The setback for the Clarity Act doesn't change the trajectory,” he says.

According to McCaffery, regulators themselves provide more clarity. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have recently amended several rules.

For example, shortly after the vote, the sec allowed a temporary exception to existing rules. This allows limited trading in tokenized US stocks on certain trading platforms on the blockchain.

Last week, the regulator also proposed new rules regarding the storage of crypto for customers. According to McCaffery, such steps can ensure that companies continue to opt for acquisitions instead of building technology and infrastructure themselves.

The market for crypto acquisitions had already grown strongly before the failed mood. In the first half of 2026, crypto companies were acquired for $9.7 billion. According to CryptoRank Research, that's 44 percent more than a year earlier and a new record.

However, the number of announced acquisitions fell by 8 percent to 87. Four major deals together accounted for 76 percent of the total value.

Kraken parent company Payward is an example of that development. The company decided to acquire payment company Reap for $600 million and offered up to $550 million for derivatives exchange Bitnomial.

The Clarity Act should clarify which cryptocurrencies are regulated by the sec and which are regulated by the CFTC. The law must also lay down rules for trading platforms and cryptocurrency issuers.

On 15 September, the bill received 49 votes in favour and 50 against. For further treatment, 60 votes were needed. The approaching mid-term elections have made it less likely that the law will be adopted this year.

That doesn't mean the law has become unimportant. Dmitriy Berenzon of Archetype expects that clear legislation can lead to more acquisitions and collaborations.

CoinFund founder Jake Brukhman also thinks that the consequences vary per sector. According to him, companies that are heavily dependent on tokens in particular remain more sensitive to unclear regulations. There is already more clarity for infrastructure and payment companies.