SEC Issues Staff Guidance on Token Issuers After CLARITY Act Cloture Vote Fails

The sequencing here is the story: with the CLARITY Act stalled at cloture, US crypto oversight is shifting from legislation to agency staff guidance, and the SEC and CFTC are now moving in parallel. That matters most for token issuers seeking a compliance path in the absence of a statutory framework, since staff positions are easier to revise than law and can be reversed with a change in leadership. Whether this informal, dual-agency approach becomes the durable substitute for legislation is the open question.