The Senate vetoed the Clear Bill at 49:50, and the four major sectors of crypto unexpectedly benefited

According to Woofun AI, as the “Clarity Act” was rejected by a narrow margin of 49 votes to 50 in the US Senate, Matt Hogan, head of investment at Bitwise, re-sorted out the pattern of benefits in the weekly report published on September 30, pointing out that stablecoins, exchanges, tokenization platforms, and tokens issued through the buyback mechanism were the biggest winners. Hogan believes that the abortion of the bill freed the industry from the original stricter restrictions, and the subsequent actual actions of the regulators even went beyond the scope originally set by the law. This “unexpected” relaxed environment provided room for explosive growth in a short period of time for specific racetracks.

Judging from the details of the legislation, the bill failed to reach the required 60-vote threshold in the September 15 vote. Its core provisions were originally intended to prohibit platforms from paying stablecoin yields and impose fines of up to $5 million for each violation. Due to the Act's failure, the GENIUS Act, enacted in 2025, continues to be in effect, but its restrictions are limited to the issuer's act of paying interest, which leaves huge room for the exchange to operate. Coinbase (COIN.US) is seen as the biggest beneficiary, as it continues to use stablecoin reward strategies to attract customers.

Furthermore, the bill originally planned to establish a nationwide spot trading license, which would lower entry barriers for traditional financial giants; however, since the license has not been implemented, existing giants such as Coinbase and Kraken can still maintain their competitive advantage by relying on separate licenses issued by each state.

More importantly, the bill would have restricted companies from combining exchange services with brokerage services. This combination model has great potential for profit in the crypto industry. Hogan pointed out that now that limitation no longer exists, exchanges are not required to bear the cost of integration, thus taking a structural advantage.

Data compiled by Woofun AI shows that after the bill was blocked, the market reacted quickly, and user activity and trading volume of leading exchanges such as Coinbase and Kraken all showed a significant recovery, confirming the expansion of regulatory arbitrage space.

At the level of tokenization and securities regulation, the US Securities and Exchange Commission granted a five-year exemption for tokenized US stocks two days after the vote ended. By contrast, the Clarity Act only requires the SEC to study tokenized securities issues, which often take years. Securitize (SECZ.US) is the core agency responsible for handling matters relating to BlackRock (BLK.US) BUIDL funds, and is therefore the biggest beneficiary in the tokenization field.

Meanwhile, the SEC made it clear in its performance guidance issued on September 25 that simply announcing a repurchase plan on a fully functional network is not sufficient to constitute a security. This guideline directly benefits tokens issued through the repurchase mechanism. NEAR has risen as high as 126.62% since voting. Bitcoin increased 10.39% and Ethereum increased 6.86% during the same period. Hogan stressed that this is a typical example of a bill failing to pass but instead bringing dividends. The industry gave up long-term certainty in exchange for a more perfect rule framework and faster pace of development.

However, this advantage is not permanent. Hogan acknowledged that the current increase is highly dependent on continued action by regulators, and that the new administration may change existing policies in January 2029. Former New York Governor Andrew Como warned that the risks could be revealed earlier, and if the Democratic Party wins the November election, the new US Congress may scrutinize the rules of the regulators. Therefore, the upcoming midterm elections will be a key variable in determining whether these four beneficiary areas can continue to maintain their current strengths. While enjoying short-term dividends, industry participants need to pay close attention to changes in political trends to deal with potential policy reversals.