Current outcome
The Clarity Act's failure has shifted crypto policy momentum from Congress to federal agencies; the SEC, CFTC, and Fed are advancing crypto regulation through specific exemptions, relief, and proposed rules.
Progress timeline
2 material updates- #01
- #02
Morning Minute: Selig Says ‘It’s Go Time’ for CFTC Crypto Rules
CFTC Chair Mike Selig said on CNBC it is 'go time' for the agency to write crypto market-structure rules, focused on perpetuals, using existing statutory authority after the Senate blocked the Clarity Act; SEC also approved a five-year Innovation Exemption and CFTC issued a no-action letter and filed two prerules.
State after update: Washington's crypto policy push enters a new stage: after legislation stalled, the CFTC pivots to using existing authority to write market-structure rules for perpetuals, while the SEC advances exemptions and custody proposals.
Source evidence: Decrypt