Crypto: Clarity fails - what next?

Yesterday the CLARITY Act failed to advance in a procedural cloture vote. Given the limited time window and the fact that negotiations broke down over the ethics provision, we would not pin our hopes on a re-vote. Moving forward, we expect the catalysts for the sector to be driven by specific rule-making by the CFTC/SEC, and we expect that rule-making to be aggressive and swift to make up for the time lost negotiating the CLARITY Act. We would be buyers of weakness in crypto stocks, specifically stocks linked to continued adoption in new real-world products - tokenization, perp futures, stablecoins and prediction markets. Our preferred names are HOOD, CRCL and FIGR. Stablecoins should be just fine since they are governed by GENIUS and will continue to earn deposit-like yields;