US Regulators Press On After CLARITY Act Vote Fails
The US Senate's failure to pass the CLARITY Act has led to regulatory moves by the SEC and CFTC, despite the legislation's defeat.
The CLARITY Act, which aimed to reform the digital-asset market, fell short of the necessary votes in the Senate, with 49 votes in favor and 50 against.
However, the SEC has since approved a framework allowing certain on-chain trading of tokenized US stocks, providing a regulatory pathway for eligible venues to facilitate trading involving tokenized securities under specified conditions.
The SEC's move is not equivalent to passage of the CLARITY Act, but rather uses the commission's existing authority to establish a limited pathway for tokenized securities venues.
The CFTC has also sent new proposed rules covering crypto trading and crypto markets to the White House, entering the regulatory review process.