Bernstein Says SEC and CFTC To Rush Crypto Rules After CLARITY Act Failed

The CLARITY Act fell 11 votes short of Senate cloture on Sept. 15, shifting US crypto rulemaking to the SEC and CFTC, per Bernstein and StoneX analysts.

Crypto Regulation & US Policy News

Forty-nine US senators voted to advance the Digital Asset Market Clarity Act on Sept. 15, falling 11 short of the 60 needed to clear a cloture motion.

The

after negotiations broke down over ethics provisions tied to President Donald Trump's crypto holdings, ending its near-term path through Congress.

SEC and CFTC Step In After Senate Setback

Bernstein analysts, led by Gautam Chhugani, told clients in a Sept. 16 note that regulatory responsibility now shifts to the

and the

. The firm expects both agencies to move at a pace designed to recover time lost during the legislative process. Chhugani's team described the expected approach as "aggressive and swift."

The analysts identified several areas they expect regulators to address. Token classification for capital-raising purposes is one. Developer protections for

protocols and self-custody systems are another. Exemptions for equity tokenization, faster approval timelines for real-world-asset perpetual futures, and coordination between the SEC and CFTC on single-stock perpetuals are also on the list. Changes to how federal sports event contracts are classified under swap rules round out the expected agenda.