Crypto M&A keeps record pace despite CLARITY Act stall

Crypto M&A hit a record $9.7 billion in disclosed deal value in H1 2026, up 44% year over year, according to CryptoRank Research — though the number of announced deals fell 8% to 87, with the four largest transactions accounting for 76% of the value. Bankers and investors told CoinDesk the CLARITY Act's Senate failure won't slow dealmaking, pointing to SEC and CFTC action — the tokenized-stock Innovation Exemption, the Oct. 1 crypto custody proposal and recent CFTC relief — as filling the regulatory gap.

• Deals in areas with clearer rules keep moving, while token-dependent businesses with unresolved regulatory questions stay harder to buy.
• KBW's Paul McCaffery and Architect Partners' Todd White both expect regulator-driven momentum, especially around tokenization.
• Kraken parent Payward is cited as an example of continued dealmaking activity.