Summary
The US Senate failed to advance the CLARITY Act by a 49-50 vote, shifting momentum on crypto market structure legislation to regulators. SEC Chair Paul Atkins tied a new innovation exemption for tokenized stocks to the bill's failure, signaling that the path for onchain trading of tokenized US equi…
Key points
- Understanding who is leading on crypto rules is key to anticipating compliance timelines for tokenized assets, wallets, and trading platforms.
- With congressional legislation stalled, the substance of crypto regulation will be decided directly by the SEC and CFTC under their existing authorities, affecting every crypto product operating in the US.
- Firms offering access to tokenized stocks, wallets, or derivatives in the US must track SEC exemption conditions and CFTC rulemaking progress to plan products and compliance resources.
- The CFTC had previously granted similar no-action relief to Phantom Technologies' self-custody wallet, and this move expands its scope.
Editorial note
This page is Code & Chain's editorial summary of public sources. It may be prepared with AI assistance and published through an automated workflow. Refer to the original sources; this content is not investment, legal, or tax advice.