Who Killed the Clarity Act?

Watch on YouTube ↗  |  September 17, 2026 at 12:36  |  44:49  |  Unchained (Chopping Block)
Speakers
Cody Carbone — CEO, Digital Chamber
Laura Shin — Host, Unchained

Summary

Cody Carbone, CEO of The Digital Chamber, joins Laura Shin to discuss the Senate's failure to advance the Clarity Act. The bill fell 11 votes short of cloture, with all Democrats and four Republicans voting no. Carbone blames politics, Trump-related ethics provisions, and bank opposition to stablecoin rewards. He expects the SEC and CFTC to pursue aggressive rulemaking as a fallback, with implications for stablecoin rewards, Coinbase, banks, and tokenized equities.

  • Clarity Act failed a Senate cloture vote, falling 11 votes short.
  • Every voting Democrat and four Republicans voted no, with ethics provisions central.
  • Banks opposed stablecoin reward provisions, but their strategy backfired as the status quo favors rewards.
  • Cody Carbone expects SEC and CFTC rulemaking to implement Clarity Act goals over the next two and a half years.
  • Coinbase has increased stablecoin rewards, and other exchanges may follow.
  • Banks lose leverage and face harder competition in digital assets.
  • SEC innovation exemption for tokenized securities venues allows 1:1 stock tokens but excludes synthetics.
  • The lame duck may be the last chance for crypto legislation before 2028.
Ideas
Cody Carbone CEO, Digital Chamber 22:10
Stablecoin rewards thrive, banks lose.
The Clarity Act failed because banks and Democrats opposed stablecoin rewards, but the failure leaves the status quo in place, so stablecoin rewards can thrive. Coinbase has already increased rewards for Coinbase One members, other exchanges will likely follow, and banks get nothing while finding it harder to compete on digital assets. The bill would have helped banks interact with permissionless blockchains, so their opposition backfired.
KBE HIGH
Cody Carbone CEO, Digital Chamber 22:10
Stablecoin rewards thrive, banks lose.
The Clarity Act failed because banks and Democrats opposed stablecoin rewards, but the failure leaves the status quo in place, so stablecoin rewards can thrive. Coinbase has already increased rewards for Coinbase One members, other exchanges will likely follow, and banks get nothing while finding it harder to compete on digital assets. The bill would have helped banks interact with permissionless blockchains, so their opposition backfired.
STABLECOINS COIN HIGH
Cody Carbone CEO, Digital Chamber 25:56
US crypto benefits from agency rulemaking.
With the Clarity Act stalled, the SEC and CFTC are preparing to implement its goals through rulemaking. Cody expects an onslaught of proposed rules and guidance over the next two and a half years. If institutions continue building and capital, talent, and liquidity return to the US, the market will become deeply integrated, making it very difficult for a future hostile administration to undo the framework without creating systemic risk. This is a bullish regulatory setup for US digital assets.
BITO MED
Cody Carbone CEO, Digital Chamber 31:42
Tokenized equities adoption could entrench.
The SEC granted a five-year innovation exemption for tokenized securities venues, allowing 1:1 stock tokens with full entitlements while excluding synthetics. Cody is watching whether issuers and investors adopt tokenized equities; if they become a massive part of US capital markets, it will be very difficult for a future SEC to overturn the exemption. This is a developing adoption setup.
Tokenized Equities MED
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This Unchained (Chopping Block) video, published September 17, 2026, features Cody Carbone discussing KBE, STABLECOINS, COIN, BITO, Tokenized Equities. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cody Carbone  · Tickers: KBE, STABLECOINS, COIN, BITO, Tokenized Equities