Bitwise investment chief Matt Hougan said the CLARITY Act's failure to advance in the U.S. Senate benefited stablecoin platforms, incumbent exchanges, tokenization businesses and tokens with buyback programs. The bill fell 49-50 on Sept. 15, short of the 60 votes required. Hougan argued that the loss of long-term legislative certainty was offset by faster and more favorable regulatory action, including a five-year SEC exemption allowing certain tokenized U.S. stock trading and staff guidance that a buyback announcement by an already functioning network does not alone create an investment contract. He identified Coinbase as a beneficiary because platforms can continue offering stablecoin rewards under the GENIUS Act, while Securitize could benefit from the tokenized-stock exemption. Bitcoin rose nearly 11% and ether about 12% after the vote, lifting total crypto market value to roughly $2.95 trillion, though Hougan and former New York Governor Andrew Cuomo warned that agency actions could be reversed or scrutinized after future elections.