Crypto Policy Advances Through Agency Action Amid Stalled Legislation

The US government continues to move forward with crypto and tokenization developments despite the stalled CLARITY Act, according to recent statements. The act aimed to establish a clear framework for digital asset regulation by dividing oversight between the SEC and Commodity Futures Trading Commission, but failed to pass in the Senate last month.

Despite this legislative setback, U.S. regulators have proceeded with initiatives under their existing authority, including the SEC's recent 'Innovation Exemption' for tokenized stocks and approval of a tokenized securities proposal.

Market observers suggest that these regulatory actions indicate a move towards developing crypto policy through agency rulemaking rather than waiting for Congressional legislation. The current market price for the CLARITY Act being signed into law by 2026 reflects a 5% probability, unchanged from the previous day but down from 6% a week ago.