After the Senate failed to advance the Clarity Act, attention in Washington and across the crypto industry moved to what survives the setback. The SEC and the CFTC are not waiting for Congress. Both have said they will keep developing crypto rulemaking and guidance under existing authority, with Coinbase CEO Brian Armstrong and former CFTC chair Chris Giancarlo arguing that the current toolkit is enough for meaningful progress. Bernstein expects aggressive and swift rulemaking from both agencies after the failed vote. At the same time, the legislative path has narrowed rather than disappeared. JPMorgan says the bill is not fully dead, even if the route this year is much tighter.
The U.S. Treasury’s BitBank sanctions will be the test for how far Washington pushes crypto enforcement into maritime chokepoints.