According to CoinMeta, Coinbase CEO Brian Armstrong indicates that Clarity Act was not able to progress in the U.S. Senate on that day. Although both parties may continue to negotiate, the industry can no longer afford to wait for Congress. He believes that SEC and CFTC can establish clearer crypto regulatory rules under the existing authority, and it is expected that both agencies will begin to advance related work. Armstrong also states that a legal framework has been established for stablecoins, and since some of the compromise terms in Clarity Act were originally quite difficult to accept, the delay in passing the bill may not necessarily be a bad thing.