'Go time': SEC, CFTC prepare to push crypto rules as Clarity Act stalls in Senate - The Block

With the Clarity Act stalled in the Senate, the SEC and CFTC appear ready to advance crypto regulation through their own rulemaking rather than waiting on Congress. The reported shift to "go time" signals that the two agencies intend to move ahead using existing statutory authority, even without comprehensive market-structure legislation.

For market participants, this matters because agency rulemaking can move faster than the legislative process but is also more exposed to legal challenge and reversal when administrations change. Rules shaped by the SEC and CFTC could define which tokens are treated as securities versus commodities, how exchanges register, and what disclosures firms must provide. That clarity, or its absence, directly affects listing decisions, custody arrangements, and compliance costs across the industry.

What to watch: the specific proposals each agency publishes, the comment periods that follow, and whether Congress still tries to codify a broader framework. Also worth monitoring is how courts respond if the agencies' authority is contested, since litigation could delay implementation and leave key questions unresolved.