After CLARITY Act Fails, US Crypto Rulemaking Shifts to Regulators
- —Senate failed to advance the CLARITY Act in a 49-50 procedural vote, short of 60
- —SEC introduced an innovation exemption letting venues trade tokenized US stocks without exchange registration
- —CFTC issued no-action relief for passive software providers and sent a crypto-markets rulemaking to the White House
- —Fed proposed full backing of stablecoins with safe liquid assets and capital against operational risks
Why it matters: Agency rules take longer to write, are easier to challenge in court and easier for a future administration to unwind than a law, raising uncertainty for the market.
Source: Decrypt