The Clarity Act Stalled. Agencies Now Write Crypto's Rulebook - Forbes

The Clarity Act, which would have established a comprehensive federal framework for digital assets, has stalled in Congress. In its absence, regulatory agencies are stepping in to shape crypto oversight through existing authorities — a shift that changes how market structure questions get answered.

For market participants, the practical effect is a rulebook written through agency guidance, enforcement actions, and interpretive releases rather than legislation. That can mean faster movement on specific issues, but also less predictability: agency priorities can shift with leadership, and courts may weigh in on whether agencies have exceeded their mandates.

What to watch: which agencies assert jurisdiction over tokens, exchanges, and stablecoins; how enforcement patterns evolve; and whether Congress revisits legislation if industry seeks clearer statutory footing. For now, the operative framework is being assembled piece by piece in Washington — not passed in a single bill.