SEC Crypto Proposal ‘Important’ Step From ‘Inapt’ Rules: Peirce

Peirce's framing matters because it concedes the existing rulebook was ill-suited to crypto, a notable admission from inside the agency even as Congress stalls on comprehensive legislation. That shifts the near-term locus of US crypto policy toward agency rulemaking rather than statute, affecting issuers and platforms that had been positioning for the CLARITY Act. Whether the proposal survives public comment intact, and how it interacts with the legislative vacuum left after the Senate vote, is the open question worth watching.