David

The Clarity Act.

is much more contentious because there are so many things to fight over.

The securities, the Wall Street is going up against DeFi.

Banks are going up against the stablecoin issuers.

There's just so many different levels of surface area to fight over.

And that is kind of the theme of the week is we kind of fought over all of them.

The House passed their version of clarity in mid-2025, and then it was time to go to the Senate.

And that was good, by the way.

We liked that.

Yes.

Then it went to the Senate, and the Senate has been stuck.

They've been trying to craft its own version and reconcile the two different versions coming out of the two different committees, the Banking Committee and the Agricultural Committee.

The Ag Committee is leaning the bill towards the CFTC.

The Banking Committee is leaning the bill towards the SEC.

along with all their other DeFi and stablecoin stuff.

And that's kind of the state of play as it relates to like what happened this week.

But just before this week in December, both the banking and agricultural sides pushed their clarity markups into January, January 2026.

They just kind of punted saying like, we couldn't resolve this.

Let's let's tackle this in the new year.

Now it's the new year.