U.S. Senate blocks crypto "Clarity Act"; Jake Chervinsky: "Bad law is worse than no law"
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The U.S. Senate's failure to pass the Clarity Act extends regulatory uncertainty for digital assets, keeping market structure and jurisdictional boundaries unresolved. While proponents argue that no framework is preferable to a flawed one, the near-term implication is continued reliance on existing SEC/CFTC authority and enforcement-based rulemaking. That backdrop can dampen institutional planning and listing decisions, but does not immediately change operational legality for most crypto activity.
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PANews, Sept. 16 — Jake Chervinsky, inaugural CEO of the Hyperliquid Policy Center and a veteran U.S. crypto attorney, said the U.S. Senate did not pass the Clarity Act, a bill aimed at setting a regulatory framework for digital assets.
In a post, Chervinsky said supporters spent 18 months researching, negotiating and revising the proposal without abandoning core principles, arguing that "no bill is better than a bad bill." He said election-year politics made it difficult to land a "good deal."
Chervinsky added that the industry can still function without the Clarity Act, noting that the SEC and CFTC already have substantial authority and expertise to oversee the crypto market. He said the broader debate over crypto regulation is still in its early stages, leaving ample room for future policy development.
