CFTC and SEC Vow to Pursue Crypto Rules After Clarity Act Fails in Senate

The shift from legislative to agency-led rulemaking matters because it changes both the pace and the durability of crypto regulation: agency action can move faster than Congress, but it is also more exposed to reversal through leadership changes or litigation. The practical effect falls on issuers and intermediaries weighing whether to build compliance around rules that may not survive a change in administration. The open question is whether the two agencies can align their approaches closely enough to give the market a single, workable standard rather than overlapping or conflicting regimes.