Bernstein analysts expect « aggressive and swift » rulemaking from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) after the Digital Asset Market Clarity (CLARITY) Act failed to pass a Senate cloture vote. The bill would have established the country’s first federal regulatory framework for digital assets. Analysts expect regulations covering token taxonomy for raising capital, developer protection for decentralized finance and self-custodial protocols, innovation exemptions for equity tokenization, faster approval times for real-world asset perpetual futures, and amendments to rules around federal sports event contracts. A re-vote on the CLARITY Act is considered unlikely due to a limited time window and concerns over its ethics provisions. The SEC proposed on Aug. 19 rules allowing entities to raise up to $75 million in tokens over 12 months and $5 million over four years, with a safe harbor exempting cryptocurrencies from being classified as investment contracts.
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