PANews reported on September 16, citing The Block, that following the Senate's failure to advance the Clarity Act, the next phase of U.S. crypto regulation is expected to shift to the SEC and the CFTC. Analysts anticipate that both agencies will adopt a "rules‑based approach," with a process described as "aggressive and swift," aimed at making up for the time lost in legislative negotiations. They expect the two regulators to address issues such as the classification of native crypto tokens, safeguards for DeFi and self‑custody infrastructure, and rules governing equity tokenization. Additionally, they may expedite the approval of perpetual futures on real‑world assets and work toward harmonizing single‑stock perpetual contracts.
Bernstein said that the failure of the Clarity Act has left the stablecoin rewards framework unchanged; the compromise text would have prohibited rewarding idle stablecoin balances and tied such rewards to customer activity, meaning platforms like Coinbase can continue to offer rewards on idle balances.