US Crypto Regulation Shifts Focus from Congress to SEC and CFTC

The US Senate has failed to move forward with the Clarity Act, a bill aimed at structuring the digital asset market, leading market attention to shift from Congress to the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The two agencies have begun implementing measures on tokenized stocks and software developers shortly after the bill's failure, leveraging their existing authority for regulatory overhaul. According to Decrypt, the US Senate conducted a vote on Thursday, May 15th, with 49 votes in favor and 50 against the Clarity Act's consideration.