Washington2 agencies, not Congress, will now write crypto’s rules.

The Clarity Act failed to advance in the US Senate, leaving regulatory jurisdiction unsettled.

The Securities and Exchange Commission’s five-year Innovation Exemption since 17 September lets qualifying venues trade tokenized US stocks on blockchain liquidity pools.

Agency rules stay vulnerable to political and legal change, executives and legal experts said.

How each outlet framed it
CoinDesk
frames the Clarity Act failure as exposing industry splits (ethics provisions, yield fight with community banks) and shifting power to SEC/CFTC agencies

Sources: CoinDesk