U.S. regulators rush to write crypto rulebook after Clarity Act stalls in Senate - CNBC

The stalled Clarity Act in the Senate has shifted the center of gravity on U.S. crypto policy from Congress to the regulatory agencies. According to CNBC, regulators are now moving quickly to draft their own rulebook, filling a legislative vacuum that has left key questions unresolved — chiefly how digital assets are classified and which agency supervises which activities.

For markets, the practical effect is that the rulemaking calendar becomes the signal to watch. Agency proposals, comment periods, and final rules can advance without a floor vote, but they are also more vulnerable to legal challenge and to reversal under a future administration. That makes durable, statute-based clarity less likely in the near term, even as near-term guidance improves.

The takeaway for observers is procedural rather than directional: track which agencies publish proposals, how they define tokens and intermediaries, and whether courts uphold those definitions. Those details, not the bill's stall alone, will shape how U.S. crypto businesses structure operations and compliance in the months ahead.