SEC Proposes Crypto Rulebook as Clarity Act Stalls

The significance here is jurisdictional: the SEC is proceeding on its own terms rather than waiting for Congress, which means the shape of US digital-asset oversight may be set by agency rulemaking instead of legislation. That matters for issuers and platforms that had been positioning for the Clarity Act as the clearer, more durable path. The open question is how the two tracks interact — whether a stalled bill eventually catches up to rules already in force, or whether agency action becomes the de facto framework.