As the US Senate approaches its summer recess, attention remains fixed on the fate of the CLARITY Act, a major piece of digital asset market structure legislation. Hougan notes that failure to act before the break would not deliver finality. In the near term, such agency-driven guidance could prove more supportive of crypto innovation than a compromise congressional package. Banking regulators have also granted trust charters to several digital asset firms, while international jurisdictions continue introducing supportive frameworks. Passage of the CLARITY Act remains preferable, Hougan stresses, because it would provide durable statutory clarity, strengthen protections, and boost economic competitiveness.