Crypto executives see upside in Clarity's failure, but legal experts warn uncertainty will persist
After the Digital Asset Market Clarity Act stalled in the Senate, the SEC and CFTC are advancing crypto rules through agency action. The SEC has introduced a temporary exemption for tokenized U.S. stock trading and proposed custody changes; the CFTC is seeking feedback on leveraged retail trading and crypto-market registration. Executives expect these steps to enable investment, tokenization and dealmaking, but their durability is uncertain and implementation remains challenging. Federal oversight of ordinary spot trading is still incomplete, while developers, DeFi, and tokenized real-world assets face unresolved jurisdictional questions. Experts broadly agree that only Congress can provide a comprehensive, lasting framework, though views differ on whether agency-led progress is sufficient in the near term.
