According to CoinMeta, in the past two years, the crypto industry's strategy in Washington has relied on clear legislation. As Congress failed to advance this legislation, the industry's focus shifted towards federal regulatory agencies. Last week, the Senate failed to pass the Clear Act with a vote of 49-50, with Democrats and three Republicans voting against it. Following the failure of the bill, SEC quickly introduced a new "innovation exemption" framework for digital assets, allowing eligible venues to trade tokenized U.S. stocks on-chain without the need to register as national securities exchanges. CFTC also issued a position of non-action, permitting passive software providers to offer regulated derivatives. The Federal Reserve proposed rules requiring stablecoin issuers to back their tokens with secure, liquid assets. Overall, a regulatory environment is gradually being established, and industry insiders have largely accepted this change.