VS Sets New Course for Crypto Market as Crypto Bill Stalls

The U.S. Congress did not advance the CLARITY Act earlier this month. However, the development of new crypto regulations is not at a standstill. The stock market watchdog SEC and the regulator CFTC are taking measures themselves to determine how digital assets and trading on blockchains may operate in the United States.

In Brief:

• The SEC is allowing trading in certain tokenized U.S. stocks.

• The CFTC is clarifying existing rules regarding crypto and blockchain technology.

• For the crypto market, this means faster opportunities for innovation, but also uncertainty about the long term.

SEC Acts Immediately After Crypto Bill Fails

Shortly after the CLARITY Act stalled, SEC Chairman Paul Atkins announced the Innovation Exemption. This temporary exception allows certain stocks to be traded as digital tokens on a blockchain.

Trading platforms do not have to comply with all the rules that normally apply to a traditional stock exchange for the time being. Parties facilitating the trading also receive more leeway under certain conditions.

The rules against fraud and market manipulation still apply. Companies can also prevent a tokenized version of their stock from being offered without their consent.

The CFTC is also taking action. The regulator clarified last week when financial parties may use digital versions of investments for client funds and how blockchain technology can be used to meet existing administrative requirements.

What Changes for the Crypto Market

For crypto companies, speed is particularly important. They do not have to wait for Congress to pass a full law before new products can be tested under certain conditions.

Clearer rules can also lower the legal threshold for trading platforms and traditional financial companies that want to use blockchain technology.

The SEC's step also brings traditional stocks closer to the infrastructure of the crypto market. This could accelerate the development of regulated trading on blockchains and attract more professional parties.

The decision does not have an immediate impact on the price of bitcoin or other cryptocurrencies, but it could determine where companies develop and offer their services.

Quick Approach Offers No Firm Foundation

The SEC and CFTC have been collaborating for some time. In March, they agreed to better align definitions and oversight.

Coin Bureau counts at least nine separate steps from both regulators on X. This is an independent inventory and not an official joint plan.

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It's OVER. The SEC and CFTC are done waiting for the CLARITY Act. Regulators have now made at least 9 moves to build crypto rules without Congress. 1. SEC Crypto Task Force - define what is and is not a security 2. Project Crypto - modernize SEC rules for onchain markets 3. Show more


8:20 AM · Sep 30, 2026
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The current approach also has a weak point. The SEC's exception is temporary, and the regulator itself states that permanent rules are needed.

Without broad legislation from Congress, a subsequent administration could change the course again. This gives the market more room sooner, but not the certainty on which large investments are often based.