What a CLARITY-free crypto market structure looks like; Small firms hate SBA's new size standards; lenders are intrigued—and more in Bankers' Hours

Here's what a CLARITY-free crypto market structure looks like

With prospects for the much-anticipated crypto market structure legislation dimming, some agencies are starting to chart a course for their own rulemaking.

The Securities and Exchange Commission has begun moving forward with crypto rulemaking, while the Commodity Futures Trading Commission has signaled it could pursue its own rules if the CLARITY Act fails to pass.

"I had roughly 40% odds on this becoming law this year, and now I'm down to 25% ... maybe even trending lower," said Ian Katz, managing director of Capital Alpha Partners. More here.

Small firms hate SBA's new size standards; lenders are intrigued

According to the SBA, the changes it unveiled last week would result in an additional 114,500 companies qualifying as small businesses. That would likely increase the number of established borrowers that meet the criteria for government-backed loans, boosting the appeal of the SBA's lending programs among banks and credit unions. The proposal would also expand the pool of companies eligible for government contracting set-asides.

The proposed changes are getting a favorable early reception from SBA lenders, but much less so from small-business owners that do business with the federal government. More here.