Crypto Deals Hit Record $9.7B: Will U.S. Legislative Impasse Halt Acquisitions?
Deals involving crypto companies reached a record $9.7 billion in the first half of the year, while the U.S. crypto bill’s September impasse raised questions about whether appetite for acquisitions will persist.
The Clarity Act, which aims to clarify which agency will oversee digital assets in the U.S., failed to clear a procedural vote in the Senate on September 15. But bankers and investors interviewed by CoinDesk do not expect the impasse to bring acquisitions among crypto companies to a complete halt; they believe the decisive factor will be which business areas buyers target.
Four deals accounted for most of the record
According to CryptoRank Research data, the total value of deals announced in the first half of 2026 rose 44% from the same period last year to $9.7 billion. By contrast, the number of announced acquisitions fell 8% to 87.
The four largest deals accounted for 76% of the total value. So the record was driven not by more companies changing hands, but by a few large transactions. After this first-half showing, debate has turned to how September’s legislative impasse will affect new deals.
Can crypto companies move forward without waiting for Congress?
Paul McCaffery, head of digital assets at investment bank KBW, argues that the bill’s failure to advance has not changed the acquisition trend. According to McCaffery, steps taken by the SEC and CFTC are reducing uncertainty in some areas, while companies waiting for Congress to pass a law may miss opportunities.
Two days after the Senate vote, the SEC temporarily allowed limited trading of tokenized U.S. stocks on certain on-chain platforms. On October 1, the agency also proposed a rule on how investment companies may hold and custody customer crypto assets. The CFTC, meanwhile, eased regulatory barriers for certain software providers and updated its guidance on tokenized investments.
Payward, Kraken’s parent company, has agreed to acquire payments company Reap for $600 million and derivatives platform Bitnomial for up to $550 million, among the examples demonstrating appetite for acquiring licenses and technology. Nasdaq also agreed to invest $100 million in Payward and expand its commercial partnership.
Which companies could be most affected by regulatory uncertainty?
In the Clarity Act vote, 49 senators voted in favor and 50 opposed; 60 votes were needed for the bill to advance. Disagreements over senior officials’ commercial interests in the crypto sector, investor protection, and illicit finance weakened the bill’s chances of becoming law this year ahead of November’s midterm elections.
CoinFund CEO Jake Brukhman says the outcome delays expected relief, particularly for token-focused companies and funding rounds conducted before a token is issued. Payments and infrastructure companies may be less affected by the uncertainty because they can rely on clearer existing rules.
Will Nuelle of Galaxy Ventures also says deals are concentrated in areas where regulators have clarified the framework, such as exchange infrastructure, spot trading, and tokenized collateral. The picture experts describe points not to a complete halt in acquisitions, but to buyers potentially focusing on businesses facing less legal uncertainty.