It doesn't matter if the Clarity Act passes

Senate Banking has pushed market structure legislation into the new year, but that's fine because the SEC and CFTC aren't waiting.

Humans love fighting their last war.

The crypto lobbyists in Washington have been urgently pushing to pass Clarity, the crypto legislation that came out of the House strong, or something like it. Fresh law, the argument goes, would tie the hands of any incoming administration that might be hostile to the industry, like Biden was.

But there won’t ever be a…