According to CoinMeta, cryptocurrency critic Peter Schiff has launched another attack on Bitcoin after the Clear Act failed to make progress. He stated that Bitcoin “has no value” and claimed that “there is no need for a congressional act.” The failure of the Clear Act to advance in the U.S. Senate on Tuesday was undoubtedly a heavy blow to the cryptocurrency industry. Mike Novogratz, CEO of Galaxy Digital, expressed disappointment over this outcome, feeling that the government’s operations have become dysfunctional. Brian Armstrong, CEO of Coinbase, described the Senate’s result as “disappointing,” but he believes it is not a permanent failure. Nevertheless, he also acknowledged that the cryptocurrency industry can no longer rely on Congress to formulate regulatory strategies. Zhao Changpeng, co-founder of Binance ( CZ ), stated that stablecoins can still continue to generate profits.