Crypto Rulemaking Shifts to Regulators After Clarity Act Fails — SkimNews
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- Senate failed to advance the Clarity Act in a 49-50 procedural vote, effectively halting the most comprehensive legislative effort to establish crypto market rules for the year.
- SEC unveiled an 'innovation exemption' allowing qualified platforms to trade tokenized U.S. stocks on-chain without registering as national securities exchanges, directly responding to the legislative deadlock.
- CFTC issued no-action relief for passive software providers offering access to regulated derivatives and sent a broader crypto-markets rulemaking proposal to the White House for review.
- Federal Reserve proposed rules requiring stablecoin issuers under its supervision to fully back tokens with safe, liquid assets and hold capital against operational risks, part of the GENIUS Act rollout.
- OCC is finalizing its own stablecoin regulations by November to meet a January statutory deadline, aligning with the Fed’s multi-agency implementation of the GENIUS Act.
- Kristin Smith, President of the Solana Policy Institute, stated the industry is now treating regulatory guidance as the 'more viable path forward' following Congress's inaction.
Why it matters: Regulatory agencies now control the pace and shape of crypto rules, which are slower to implement and easier to reverse than laws. This shift benefits agencies with existing authority but increases legal uncertainty for firms that had counted on durable legislation, making compliance riskier across administrations.
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