The Clarity Act failed to advance in the Senate after a cloture vote collapsed, with industry advocates blaming political dynamics and disagreements over bank stablecoin rewards. Remaining negotiations are focused on developer liability and stablecoin yield provisions during the lame duck session. Separately, the SEC (U.S. securities regulator) introduced an innovation exemption for tokenized stock venues, prompting questions about whether extended SEC and CFTC (U.S. derivatives regulator) rulemaking could replace comprehensive crypto legislation. Regulators have not addressed synthetic stock tokens as the industry weighs whether a final lame duck vote remains viable or whether two years of rulemaking becomes the lasting framework.