Update
SEC and CFTC Rulemaking Proceed Without Federal Market Structure Bill
The CLARITY Act, which aimed to establish federal market structure rules for the crypto industry, failed a procedural vote in the Senate. With Democrats now in control of both chambers, the industry is moving forward with SEC and CFTC rulemaking, GENIUS Act's stablecoin regime, and international frameworks like MiCA, which are already shaping how firms operate.