After Clarity Act Stalls, SEC And CFTC Take On Bigger Role - Forbes

The stalled Clarity Act leaves the U.S. without a comprehensive statutory framework for digital assets, shifting the practical burden of oversight onto the Securities and Exchange Commission and the Commodity Futures Trading Commission. With Congress unable to agree on how to divide jurisdiction, both agencies are likely to rely on existing securities and derivatives laws, plus enforcement actions and guidance, to shape how crypto firms operate.

For markets, that means the rulebook may be written case by case rather than through one sweeping statute. The key question is which tokens and activities each agency treats as falling under its remit, since that determines registration, disclosure, and compliance expectations. Firms and investors should watch for new enforcement actions, no-action positions, and joint statements that signal where the boundary between securities and commodities sits.

Absent legislation, agency leadership and court rulings become the main drivers of policy. That can produce clarity in specific cases but leaves broader uncertainty intact — a dynamic worth monitoring as both regulators expand their footprint.