According to CoinMeta, as reported by The Block, an analyst from Bernstein stated that the likelihood of the U.S. Clarity Act passing within 2026 is declining. If the bill fails, SEC and CFTC will accelerate the formulation of rules under the Project Crypto framework, covering token classification, DeFi and self-regulatory guidelines, and will also promote areas such as tokenization of real-world assets (RWA), perpetual contracts, and prediction markets. The chairman of CFTC, Michael Selig, warned that if Congress does not take action, regulatory agencies will be forced to take on all rule-making responsibilities. Currently, senators Thom Tillis and Ruben Gallego have submitted revised ethical compromise proposals, and negotiations are still ongoing.