Trump Pushes Crypto Clarity Act; CFTC, SEC Act

The significance here is less the bill than the regulatory race it has triggered: two agencies signalling they will move on crypto rules regardless of whether Congress acts. That shifts the question from whether clarity arrives to who writes it — a legislature-facing framework or agency-by-agency drafting, each with different durability and scope. The SEC's fundraising framework is the concrete step; the CFTC's threat is leverage. What to watch is whether the Clarity Act gains enough traction to pre-empt that agency path, or whether the piecemeal approach becomes the de facto regime.