Bitcoin’s integration into the U.S. financial system can continue despite the Senate’s failure to advance the CLARITY Act, according to Strategy Executive Chairman Michael Saylor. On Sept. 16, Saylor said the SEC (U.S. securities regulator), CFTC (U.S. derivatives regulator) and Treasury could develop crypto rules under existing law, while banks expand Bitcoin custody and Bitcoin-backed lending. The Senate rejected cloture on the motion to proceed to H.R. 3633 in a 49-50 vote the previous day. The legislation would establish a framework for the SEC and CFTC to regulate the offer and sale of digital commodities. Federal agencies are already pursuing separate initiatives: the SEC proposed Regulation Crypto Assets on Aug. 18, while Treasury opened proposed rulemaking on Aug. 17 to implement the GENIUS Act and establish rules for issuing, offering and selling payment stablecoins. Stablecoins are crypto assets designed to maintain a relatively stable value, typically through a fiat-currency peg. Saylor also pointed to institutional growth through bank custody, loans secured by Bitcoin and digital credit. Strategy held 845,050 BTC as of Sept. 13 and had repurchased $139 million of STRC, one of its Bitcoin-linked credit products. His position is that Bitcoin adoption, stablecoin regulation, bank participation and digital credit can progress without another congressional vote.