The Senate’s failure to advance the Clarity Act, which fell short in a 49-50 procedural vote needing 60 votes, shifted crypto rulemaking from Congress to federal regulators. Within 48 hours, the SEC announced an exemption for tokenized stocks, the CFTC granted regulatory relief and sent a rulemaking to the White House, and the Federal Reserve proposed stablecoin reserve rules under the GENIUS Act. Industry players have largely embraced this shift, with Solana Policy Institute President Kristin Smith calling it “the more viable path forward right now.” However, agency rules are slower to implement, easier to challenge in court, and easier for a future administration to undo than legislation passed by Congress.
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