CoinMeta data: Matt Hougan, the chief investment officer, pointed out that stablecoins, exchanges, tokenization platforms, and tokens driven by buybacks are the four sectors that have benefited from the failure of the Clear Act. In his weekly report on September 30th, he stated that the failure of the Clear Act to pass in the U.S. Senate has actually benefited the crypto industry. Hougan believes that the actions of regulatory authorities have exceeded the expectations of the act. The bill did not progress, as the Senate voted 49 to 50 in favor of its rejection, failing to reach the required 60 votes. Hougan believes that Coinbase is the biggest beneficiary, as it uses stablecoin rewards to attract customers. The bill was intended to limit platforms from paying stablecoin yields, and violators would face fines of up to $5 million. Without this bill, the 2025 Genius Act still applies, which only restricts issuers from paying interest. Hougan also noted that SEC granted a five-year exemption for tokenizing U.S. stocks within two days after the vote; this act only required SEC to study tokenized securities. Hougan believes that this will take several years to implement.