Did the Crypto Industry Blow Its Best Chance at Regulatory Clarity? Patrick McHenry Thinks So

Law and Ledger is a news segment focusing on crypto legal news, brought to you by Kelman Law – A law firm focused on digital asset commerce. For years, the cryptocurrency industry has complained about the lack of clear regulations in the United States. Industry leaders have criticized regulation by enforcement, overlapping federal jurisdiction, and the uncertainty surrounding whether digital assets should be treated as securities or commodities. In 2026, the industry appeared closer than ever to obtaining the comprehensive regulatory framework it had demanded. Republicans controlled Congress, the Trump administration supported cryptocurrency innovation, and the Digital Asset Market Clarity Act (the “CLARITY Act”) had already passed the House with bipartisan support. Yet, despite those advantages, the legislation failed to advance through the Senate.

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