Galaxy Digital founder and CEO Mike Novogratz warned on September 15, 2026, that failure of the CLARITY Act could leave the United States without durable crypto market-structure legislation for years and encourage more industry activity offshore. The Senate cloture motion requires 60 votes, while Republicans hold 53 seats, meaning at least seven Democrats or independents must support it; Novogratz said Republicans had at least four holdouts, probably more. Senators Lummis, Boozman, and Scott released a final text that included tougher ethics provisions accepted by President Trump, but Senate Democrats sent a counterproposal after a Schumer caucus meeting, with Warner and Gallego still calling the language insufficient. The debate centers on whether agency rulemaking by the SEC and CFTC can provide enough certainty while Congress delays statutory action. Coinbase CEO Brian Armstrong, SEC Chair Atkins, and Grayscale have said regulatory progress can continue without the bill, while Novogratz argues that the unresolved risk of political reversal would raise financing costs and accelerate offshore structuring. Treasury Secretary Scott Bessent urged passage on national-security grounds and promised new Treasury authority if stablecoin adoption created deposit-flight pressure at community banks. Banking groups and New York state lawyers continue to oppose key provisions. Galaxy Research had cut the odds of passage in 2026 to 10%, leaving investors focused on Galaxy Digital, Coinbase, spot ETF flows for BTC and ETH, and tokenized-securities platforms.