The Clarity Act’s cloture vote failed this week, and Coinbase Chief Policy Officer Faryar Shirzad has the clearest post-mortem yet on why. He points to an electoral calendar that caught the bill late in the cycle and a roughly $200 million campaign by big banks that created serious drag on the process. Shirzad explains why he believes Congress has had its shot and why the real action now moves to the SEC, CFTC and bank regulators under Paul Atkins. He also lays out the three-track policy strategy — legislation, regulation and international — that he says still has strong momentum.

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