The U.S. Senate failed to move the Clarity Act forward last week after a procedural vote fell short of the 60-vote threshold, with 49 senators voting in favor and 50 against. Negotiations over the market structure bill stalled over ethics provisions tied to former President Donald Trump’s crypto business interests.
Following the setback on Capitol Hill, several federal agencies moved ahead with their own digital asset initiatives. The U.S. Securities and Exchange Commission introduced an "innovation exemption" for digital assets, allowing eligible platforms to trade on-chain tokenized U.S. stocks without registering as national securities exchanges. The Commodity Futures Trading Commission issued a no-action position for passive software providers and sent a broader crypto market rulemaking package to the White House for review.
At the same time, the Federal Reserve proposed requiring stablecoin issuers under its supervision to fully back tokens with safe, liquid assets and hold capital against operational risks. The Office of the Comptroller of the Currency is also moving forward with stablecoin rules and plans to complete them before November, according to Decrypt.
The U.S. Senate failed to advance the Clarity Act last week after a procedural vote ended 49-50, short of the 60 votes required to move the bill forward.
Talks over the market structure legislation stalled over ethics provisions tied to Donald Trump’s crypto business.
Federal agencies move ahead on digital asset rules
After the Senate vote, the U.S. Securities and Exchange Commission introduced an "innovation exemption" for digital assets. The measure would allow eligible platforms to trade on-chain tokenized U.S. stocks without registering as national securities exchanges.
The U.S. Commodity Futures Trading Commission issued a no-action position for passive software providers and submitted a broader crypto market rulemaking plan to the White House for review.
The Federal Reserve also proposed that stablecoin issuers under its supervision fully back their tokens with safe, liquid assets and hold capital against operational risk.
Separately, the Office of the Comptroller of the Currency is moving forward with stablecoin rulemaking and plans to complete the rules before November.
Decrypt reported the developments.
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