Senate stalls crypto bill as SEC approves tokenized stock trading

On Tuesday, Sept. 15, the Senate failed to advance the Digital Asset Market Clarity Act. PYMNTS reports that the bill’s failure leaves stablecoins as the main regulated digital asset in the U.S. market, creating a landscape where tokenized equities and digital dollars operate under different legal frameworks.

The U.S. Securities and Exchange Commission granted a temporary Innovation Exemption at the same time. This measure permits restricted trading of tokenized National Market System stocks on specific on-chain venues. The House Ways and Means Committee separately moved forward with legislation addressing tax issues related to digital assets. These actions do not replace comprehensive laws, leaving the market split between targeted exemptions and pending broad statutes.

Adoption data points to a narrow focus on stablecoin utility. A March PYMNTS Intelligence 2026 Certainty Project indicated that 13% of middle-market firms utilize stablecoins, compared to 5% using other cryptocurrencies. Most enterprises remain hesitant regarding digital assets outside of payment settlements.

Corporate infrastructure projects continue despite legislative delays. Ripple is targeting corporate finance teams via Ripple Treasury, which incorporates its GTreasury acquisition. Mastercard is embedding stablecoin features into infrastructure linking banks, merchants, and consumers. Circle is launching Arc, a blockchain intended for agentic economic activity.

Settlement figures show that USDC represents 99.6% of x402 activity, with autonomous agents making up a minor share of that volume. The July 2026 Payments Innovation Tracker states that merchant acceptance and trust continue to limit broader adoption.