The Clarity Act Stalled. Agencies Now Write Crypto's Rulebook - Forbes

The Clarity Act, which would have established a comprehensive federal framework for digital assets, has stalled in Congress. In its absence, the task of defining how crypto is regulated is shifting to federal agencies, which are advancing rules through their own processes rather than waiting on legislation.

For markets, this changes the source of regulatory signals. Agency guidance, enforcement actions, and rulemaking proposals can move faster than bills but tend to be narrower in scope and more vulnerable to legal challenge or reversal under a new administration. Different agencies may also take differing views on whether a given token is a security or a commodity, leaving parts of the market without clear answers.

What to watch: formal rulemaking notices and comment periods, enforcement priorities, and any coordination among the SEC, CFTC, and banking regulators. For now, the practical rulebook is being written piece by piece, and its durability may depend on whether Congress eventually returns to the issue.