The cryptocurrency rally that began in July has continued despite the Senate’s 49-50 rejection of the CLARITY Act, while the U.S. Commodity Futures Trading Commission (CFTC) submitted new crypto market-structure rules to the White House Office of Information and Regulatory Affairs for review. Bitwise CIO Matt Hougan said the legislative setback would not halt the rally, and Bloomberg ETF analyst Eric Balchunas attributed the bill’s failure to partisan disputes rather than the crypto industry. The CFTC filing remains at the prerule stage and appears to shift regulatory attention toward agency-led rulemaking. Market-implied YES odds for CLARITY Act passage fell from 28% to 7.3% over the past week, while Circle CEO Jeremy Allaire said the industry continues advancing in the United States and globally.