Overview
- The Senate failed to advance the CLARITY Act on September 15, leaving Congress without a decisive market‑structure law and prompting regulators to act.
- Within two days the SEC approved a five‑year conditional exemption for permissioned venues to trade tokenized U.S. stocks on‑chain, signaling the agency will set policy by rulemaking and relief.
- The CFTC issued staff no‑action relief for passive software providers, filed a broader crypto‑markets rule with OIRA, and later published FAQs clarifying tokenized permitted investments and blockchain recordkeeping.
- The Federal Reserve proposed GENIUS Act‑linked stablecoin rules that would require stablecoin issuers it supervises to hold safe, liquid reserves and capital for operational risks while the OCC and Treasury accelerate parallel work.
- Industry has pivoted from Congress to agencies because agency actions are faster, but those measures are narrower, legally vulnerable, and easier for future administrations or courts to change, leaving long‑term jurisdiction and investor‑protection questions unresolved.