I think a lot of crypto people thought CLARITY would be like GENIUS, which passed both chambers of Congress in rapid succession unchanged and was signed into law. Not happening with CLARITY. The Senate has its own ideas about market structure and so far they are very different.

The idea that CLARITY would move like GENIUS may not have been plausible from the start. It's generally a lot harder to pass bills in the Senate than in the House. This means sometimes the House will take up a Senate bill unchanged to get it done. The reverse is extremely rare.

Maybe CLARITY could move in the Senate given the shocking amount of support it got in the House (78 Democrats in favor). But Senate Banking's first take on market structure is an update to the RFIA (Lummis-Gillibrand), a very different bill, and Senate Ag hasn't weighed in yet.