Michael Saylor, founder and chair of Strategy, said the Senate’s failure to advance the Clarity Act could benefit digital assets by leaving regulators free to develop rules without locking restrictive provisions into law. Senators voted 49-50 against advancing the bill, which seeks to divide oversight among regulators and classify digital assets as securities, commodities or stablecoins. Saylor pointed to ongoing work by the Securities and Exchange Commission and Commodity Futures Trading Commission, including conditional relief for onchain trading of certain tokenized stocks and the CFTC chairman’s stated willingness to act without the legislation. He also criticized provisions limiting payments to customers for holding payment stablecoins. Saylor said the industry should use the next two years to develop accessible financial products, while earlier expectations also included action from the Treasury Department.