Crypto markets and policy corridors saw a mix of political setbacks and industry shifts this week: the Senate failed to begin debate on the CLARITY Act, Congress moves a separate tax proposal toward review, a major bank published bullish long-term targets for Arbitrum, and exchange CoinEx announced it will wind down operations.
Senate rejects CLARITY motion, industry reacts
On Tuesday the Senate voted 50-49 against beginning debate on the CLARITY Act, falling ten votes short of the 60 needed. The revised 635-page proposal had President Trump’s acceptance, but it still failed to secure the threshold for debate. Democratic critics, including Senator Elizabeth Warren, dismissed the bill’s new ethics provisions as insufficient, with concerns that enforcement would rely on the Department of Justice under the administration. Senatorial dissent included four Republicans who broke with their party. Ripple CEO Brad Garlinghouse commented on X that the outcome “hurts.” Betting markets reflected the change in expectations: Polymarket odds for the bill becoming law by 2026 dropped to 7% from 82% in February. The Coinbase-backed group Stand With Crypto warned of electoral consequences ahead of the November midterms.
House panel to examine new crypto tax bill
On Wednesday the House Ways and Means Committee is scheduled to review the 114-page Digital Asset Tax Certainty Act. The proposed measure would create a tax-free threshold for network fees up to $10, classify revenue from staking and mining as ordinary income, extend wash-sale rules to crypto assets, and permit investment trusts to stake without forfeiting tax-preferred status. It also proposes special tax treatment for stablecoins trading near parity. The bill does not include the industry-requested tax deferral for mining and staking income.
Standard Chartered sets long-term Arbitrum targets
Standard Chartered initiated coverage of the Arbitrum (ARB) token, publishing a price target of $10 by the end of 2030. That target is roughly 70 times ARB’s stated current price of $0.14 and follows the bank’s view that revenue tied to the Robinhood Chain has pushed Arbitrum’s monthly revenue to about $5 million. Geoff Kendrick, Head of Research, set interim targets of $0.50 for 2026 and $6.50 for 2029 and expects ARB to outperform Bitcoin and Ethereum. The report noted risks, including the absence of a direct, mechanical link between protocol revenue and token value and competition from other blockchains.
CoinEx announces shutdown and CET repurchase
CoinEx, the exchange that had operated for nine years, said it will cease operations, citing a prolonged market downturn, shrinking trading volumes, and rising compliance costs. The exchange halted new registrations immediately, will close spot trading on September 29, and will keep withdrawals open until December 22. CoinEx also said it will repurchase its CET token at its initial listing price of $0.005. The closure adds to a list of exchange shutdowns noted this year, including BitMart, BitMEX, and AscendEX.
Market and political implications
The Senate’s inability to advance the CLARITY Act leaves federal crypto policy uncertain ahead of the midterms, even as the House prepares alternative tax legislation that would reshape how staking, mining and transaction fees are taxed. At the same time, the divergent signals from financial institutions and market participants, Standard Chartered’s bullish multi‑year ARB forecast versus the operational strain leading to CoinEx’s shutdown, underscore contrasting assessments of crypto sector prospects.
Taken together, the events of the week illustrate a sector negotiating political risk, evolving tax rules, and uneven business conditions. Sources for the reporting are those provided with the episode; CRYPTO NEWS 24 presents this information for informational purposes and not as investment advice.