CLARITY Act · SEC · US Senate · US Congress · The Block
Bernstein says Clarity Act failure allows stablecoin rewards on idle balances to continue, expects ‘swift’ SEC and CFTC rulemaking
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◎ Multiple-sources
Analysts at research and brokerage firm Bernstein said in a note to clients on Wednesday that the Senate's failure to advance the Clarity Act shifts the next stretch of U.S. crypto rulemaking to the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Key facts
- The procedural vote on Tuesday failed 49-50, with 49 senators voting to advance the bill, 11 short of the 60 needed
- They said the issue could ultimately end up in court once GENIUS takes effect in January 2027
- The Bernstein analysts led by Gautam Chhugani said they expect the SEC and CFTC to lean towards “specific rule-making,” adding that they foresee the process being “aggressive and swift” to make up
- Analysts at research and brokerage firm Bernstein said in a note to clients on Wednesday that the Senate's failure to advance the Clarity Act shifts the next stretch of U.S. crypto rulemaking
Summary
The procedural vote on Tuesday failed 49-50, with 49 senators voting to advance the bill, 11 short of the 60 needed. The Bernstein analysts led by Gautam Chhugani said they expect the SEC and CFTC to lean towards “specific rule-making,” adding that they foresee the process being “aggressive and swift” to make up for time spent negotiating the legislation. The analysts expect the SEC and CFTC to tackle issues including the classification of native crypto tokens, protections for DeFi and self-custody infrastructure, and rules governing equity tokenization. Bernstein also pointed to federal sports event contracts, saying it expects rules to be amended around their classification as swaps.