After CLARITY Act Stalls, Can Crypto Build on Temporary Regulatory Relief?

• Senate blocks CLARITY Act, leaving crypto firms with uncertain and temporary regulation. 
• SEC relief gives tokenized stock venues a five-year pathway with trading limits.
• CFTC Letter 26-25 eases software access but retains joint liability conditions.

The Senate’s failure to advance the CLARITY Act has left crypto companies facing a key problem: regulatory permission without permanence. Senators rejected cloture on H.R. 3633 by 49-50 on September 15, preventing the chamber from moving forward with the bill.

However, Sen. Thom Tillis entered a motion to reconsider, which left the measure procedurally stalled rather than formally dead. As a result, attention has shifted toward the SEC and CFTC, which have opened alternative pathways for tokenized stocks and derivatives.

Although companies can use those routes, both still depend on agency relief rather than legis…

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