Bernstein: Clarity Act Failure Keeps Stablecoin Rewards, SEC and CFTC to Lead

The takeaway here is not the bill's failure but who inherits the agenda: agency rulemaking replaces legislation, which means the SEC and CFTC set the pace and the market prices regulatory discretion rather than statutory certainty. Stablecoin rewards surviving is the concrete consequence, and it matters most to issuers and platforms whose economics lean on those payouts. Whether the agencies pursue formal rules or case-by-case guidance — and whether Congress returns to the issue — is the open question.