SEC, CFTC to Write Crypto Rules Alone After Clarity Act Stalls

This shifts the locus of US crypto rulemaking from legislation to agency discretion, which is a materially weaker foundation than a statute. JPMorgan's point cuts to the core: agency rules are reversible by the next administration and vulnerable to litigation, so the durability of any framework is now the central question. For market participants, the practical effect is continued reliance on interpretive guidance rather than settled law. Whether Congress revisits the Clarity Act, and whether courts uphold the agencies' existing authority, are the two things worth watching.