For Korean policymakers, the U.S. Senate’s failure on Sept. 15 to advance the proposed CLARITY Act, which would establish a federal regulatory framework for digital assets and clarify the respective roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), deserves attention. The immediate setback was American, but the legislative risk is familiar in Seoul. The bill fell short of the 60 votes needed to proceed after years of industry demands. The House had passed an earlier version, and senators had spent months revising it. With the midterm elections approaching, the bill's future remains unclear and the outcome is regulatory uncertainty. Without legislation, firms remain dependent on SEC and CFTC interpretations that may change under future administrations or court challenges. For Korea, the useful lesson concerns the way a digital asset law should be built. A statute gives companies firmer ground for hiring, investment and product development. The proposed law's value lay in its breadth. Token classification, SEC and CFTC jurisd