According to CoinMeta, Alex Thorn, the research director of Galaxy Research, wrote that the U.S. Senate failed to advance the Digital Asset Markets Clearing Act (Clarity Act). Despite ongoing behind-the-scenes efforts to restart the process, no further progress is expected this year. He believes that the crypto industry can still rely on regulatory bodies' rule-making and guidance to obtain a clearer regulatory environment in the short term, but these measures may be reversed by future administrations. Thorn pointed out that administrative regulation cannot replace legislation: the federal government cannot grant itself authority to regulate the spot market on its own, and regulatory interpretations cannot replace state-level regulatory systems. If protections for non-hosted developers are not written into federal law, there is still a risk that they could be revoked. He believes that the industry should use the next two years to verify the feasibility of spot market monitoring, tokenized securities trading settlement, and large-scale payments with stablecoins, in order to accumulate evidence for Congress to restart legislative efforts in the future.