Former House Financial Services Committee Chairman Patrick McHenry stated that the crypto industry missed opportunities to fight for regulatory clarity, failed to accept feasible compromises, and led to the failure of comprehensive regulatory legislation, acknowledging that he should take responsibility for the outcome.
The Clarity Act for Digital Asset Markets passed the House of Representatives in 2025 with 294 votes in favor and 134 against, but failed to pass the Senate in a procedural vote in September 2026 by a vote of 49 to 50, stalling the bill. Following the 2026 midterm elections, the Democrats gained control of both houses of Congress, potentially altering the bill's future. (Source: Bitcoin.com News)
