According to CoinMeta, as stated by Zach Pandl, the head of grayscale research, the likelihood of the CLARITY bill passing this year has decreased due to the Senate's schedule and political factors in an election year. The failure to pass this bill does not affect the operation of blockchain, the demand for Bitcoin, or the growth of stablecoin payments. However, it lacks legislative constraints on new investments and entrepreneurial activities within the United States. In the future, the U.S. Securities and Exchange Commission and other regulatory agencies will continue to fill these gaps through rule-making. Without systematic legislation, some of the new investments and developer activities are likely to shift overseas.