Clarity Act Stalls as Crypto M&A Hits Record $9.7B

Crypto dealmaking reached a record $9.7 billion in disclosed value in the first half of 2026, even as the Clarity Act stalled in the Senate. The bill failed a procedural vote on Sept. 15, with 49 votes in favor and 50 against, short of the 60 needed to advance. Bankers and investors say the setback is unlikely to halt M&A, but uncertainty may weigh more heavily on token-centric businesses.

Why it matters

The bill was intended to establish a lasting U.S. framework clarifying whether digital assets fall under SEC or CFTC oversight. With passage less likely this year, regulators remain central to shaping the rules. The SEC approved a temporary Innovation Exemption for limited trading of tokenized U.S. stocks on certain onchain venues, and later proposed a rule on how investment firms handle and safeguard customer crypto assets. The CFTC has also eased some barriers and updated guidance related to tokenized investments and blockchain recordkeeping.

That activity may support transactions in areas where rules are clearer, including exchange infrastructure, spot trading, tokenized collateral, payments and equity-based businesses. It does not replace legislation for buyers seeking certainty around tokens and pre-token financings. As CoinFund’s Jake Brukhman put it, the setback preserves existing uncertainty rather than creating a new drag.

Market impact

The $9.7 billion in disclosed first-half deal value was up 44% year over year, but announced acquisitions fell 8% to 87. Four deals made up 76% of the total, pointing to a market led by a handful of large transactions rather than a broad-based increase.

Payward, Kraken’s parent, agreed to buy payments company Reap for $600 million and derivatives platform Bitnomial for up to $550 million. Nasdaq also agreed to invest $100 million in Payward alongside an expanded commercial partnership. The transactions illustrate continued demand for licenses, technology and distribution. Whether buyers keep pursuing those strategic assets while Congress works toward a rulebook remains a key test for U.S. crypto M&A.