According to CoinMeta, Christine Smith, the chair of the Solana Policy Institute, stated that despite the failure of the Clear Act to pass, cryptocurrencies have still achieved a victory in Washington. She believes that the regulations that federal regulators will complete before the summer of 2028 will be difficult to reverse, and that institutional regulations are more susceptible to modification than laws. Smith mentioned that the crypto industry has won the Genius Act and the US Stablecoin Act, and that changes have been made to the IRS broker regulations. She pointed out that the legislative struggle has provided political protection for regulators. CFTC has opened public comments on the regulations for leveraged retail crypto trading, and it may take 18 to 24 months to finalize these rules. Smith believes that it is unlikely for the Clear Act to be revived before the mid-term elections in November, but it is still possible. The obstacles she mentioned include the crypto business of presidential families and banks that have not yet received full support; these issues will not be resolved by the end of the year. She believes that traditional finance and overseas companies will build their operations based on the finalized regulations, making it more difficult to reverse them.