According to CoinMeta, the failure of the Senate to advance the voting on the Clear Act is seen as a major setback for the crypto industry in terms of establishing market structure rules, but the reaction from industry leaders has been relatively calm. Crypto executives stated that this vote will not reverse the regulatory progress already made by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), nor is it likely to prevent banks, asset management companies, and crypto firms from continuing to develop. The unresolved issue is the durability of the rules: institutional rules may change with the replacement of new governments, whereas legislation would provide a more permanent framework for the industry. Some believe that the United States is now at risk of continuing uncertainty, which is prompting companies to turn to jurisdictions such as Europe, where regulations have already provided clearer rules. Others argue that the failed vote has little impact on the long-term shift towards a regulated digital asset market.