Clarity Act Collapse Triggers Regulatory Fallback in US Crypto Market
The Digital Asset Market Clarity Act has stalled in the Senate, reducing the likelihood of a new U.S. crypto market-structure law passing this year.
The absence of congressional action leaves the SEC and CFTC to issue guidance on crypto activities under existing authority, but without explicit statutory power over spot markets.
The passage of the GENIUS Act provides a legal framework for stablecoin issuers, but uncertainty from the Clarity Act's failure could deter capital and risk further crypto market declines.
Banking regulators are rapidly granting charters to crypto firms, while the Federal Reserve is working on tailored access to payment rails and other services that could reduce the industry's reliance on traditional banking intermediaries.