The Clarity Act stalled. Bankers aren’t hitting the brakes yet on crypto dealmaking — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- The Clarity Act failed a Senate procedural vote on Sept. 15, drawing 49 votes in favor and 50 against (short of the 60 needed), with negotiations collapsing over ethics restrictions on officials' crypto business interests including President Donald Trump's.
- The SEC approved a temporary 'Innovation Exemption' two days after the vote allowing limited trading of tokenized U.S. stocks on onchain venues, and on Oct. 1 proposed rules clarifying how investment firms handle and custody customer crypto assets.
- Crypto M&A reached a record $9.7 billion in disclosed deal value in H1 2026, up 44% year-over-year, but the number of announced acquisitions fell 8% to 87 deals, with the four largest transactions accounting for 76% of total value.
- Payward (Kraken's parent) agreed to acquire payments company Reap for $600 million and derivatives platform Bitnomial for up to $550 million, while Nasdaq committed $100 million to Payward alongside an expanded commercial partnership.
- Bankers including KBW's Paul McCaffery and Architect Partners' Todd White told CoinDesk the legislative setback won't slow crypto M&A because the SEC and CFTC are independently providing the regulatory certainty that unlocks deal flow.
- Archetype's Dmitriy Berenzon countered that a clear legal framework would still unlock more deals and partnerships, pointing to the GENIUS Act's positive impact on stablecoin adoption as evidence.
- CoinFund's Jake Brukhman framed the setback as preserving existing uncertainty rather than creating new drag, with token-centric and pre-token financings most exposed while equity-based infrastructure and payments remain less affected.
Why it matters: With the Clarity Act stalled and November midterms looming, crypto dealmakers are now pinning hopes on SEC and CFTC rulemaking — and the $9.7 billion H1 2026 record (up 44% YoY) shows capital is still flowing. But the 8% drop in deal count and 76% concentration in four mega-deals means activity is barbell-shaped, with a handful of players like Payward, Kraken, and Nasdaq dictating the pace rather than a broad-based thaw.
Ask SkimNews
