Bitgo @BitGo complaining their bags are net being shillled to 401k plans, what else is new eh 'This is #BitGo's Weekly Research Report, the data and analysis behind the moves that matter in crypto. In this edition, Greg Cipolaro, BitGo's new Head of Research, takes on the Senate's failed cloture vote on the CLARITY Act. Greg breaks down why the coalition was short even in the best case, what's still in place without a statute (the SEC-CFTC joint interpretation, GENIUS, stablecoin yield rules), and why bitcoin's muted reaction looks less like a shrug than a fifteen-year regulatory head start. CLARITY: The Day After Tomorrow Greg Cipolaro, Head of Research The Senate's CLARITY Act vote failed 49–50 last Tuesday, short of the 60 votes needed for cloture. The math for passing the act was structurally short even in the best case. If every Democratic negotiator voted yes, CLARITY would have only gotten to 57 votes. Ethics enforcement and stablecoin yield rules were the sticking points, and neither moved enough between drafts to close the gap. Without CLARITY, industry regulation rests on a March SEC-CFTC joint interpretation classifying 16 assets as digital commodities—an agency interpretation, not a statute, that a court or future commission could unwind. Stablecoin yield is likely getting phased out anyway, via OCC/FDIC rules closing the affiliate loophole, regardless of the bill's fate. Bitcoin fell ~2.9% on the news, less than ether, XRP, or Solana—a sign the market treats bitcoin's regulatory standing (CFTC commodity status since 2015, spot ETFs) as largely settled, unlike altcoins and intermediaries still waiting on statute. The bill isn't formally dead—a lame-duck revival is possible—but the November election makes a comeback harder either way the House or Senate breaks. For BitGo: Our December 2025 OCC national trust bank charter already delivers much of what CLARITY's custody provisions would have provided by statute.