US Crypto Bill Faces Uncertainty as Agencies Fill Regulatory Gap

The CLARITY Act, a bill aimed at clarifying digital asset issuance and trading in the US, faces uncertainty as Congress and regulators move on different timelines. The legislation's chances of passing in 2026 are declining due to fading legislative momentum and increasing agency action.

The SEC and CFTC have accelerated their efforts to address regulatory gaps through rulemaking, interpretive guidance, and exemptions. This approach is seen as faster than waiting for Congress to act, but carries the risk of being reversed by a future administration.

Firms are now operating on agency guidance that can be revised or overturned, creating uncertainty in the industry. Tokenized real-world assets are scaling despite the regulatory limbo, and builder activity continues in dominant ecosystems.