U.S. regulators advance crypto rulebook despite gridlock

TLDR

U.S. regulators are pushing ahead with a crypto rulebook through agency action even as Congress remains stuck on major legislation.

1. The SEC, CFTC and OCC are all moving forward with their own crypto frameworks while the CLARITY Act, a comprehensive market-structure bill, is stalled in the Senate.
2. These agency rules create new pathways for token fundraising, exchange oversight and stablecoin issuance, but they can conflict with each other and are easier to reverse than a statute.
3. The key window is September to November 2026, when the Senate could vote on CLARITY and regulators aim to finalize major rules that will shape U.S. crypto for years.

Deep Dive

1. What Regulators Are Doing Now

The Securities and Exchange Commission has proposed "Regulation Crypto Assets", a roughly 400-page framework that would legitimize onshore token fundraising with a small startup exemption, a larger 75 million dollar exemption and a safe harbor path for tokens to exit securities status if projects become decentralized. This is detailed in the SECs proposed Regulation Crypto Assets.

At the same time, Commodity Futures Trading Commission Chair Michael Selig has directed staff to prepare crypto market structure rules that would bring spot digital commodity trading and leveraged or margined crypto under tailored CFTC oversight if Congress fails to pass the CLARITY Act, as summarized in the CFTCs plan to advance digital asset rules.

The Office of the Comptroller of the Currency is committing to finalize GENIUS Act stablecoin regulations by November 2026, turning an open rulemaking into a firm deadline for a federal regime governing dollar-pegged payment tokens, according to its timeline for stablecoin rules by November.

2. Impact On Projects And Markets

For builders, the SEC proposal could reopen U.S.-based token fundraising, especially for smaller projects that previously had to go offshore or avoid American investors. However, its decentralization and safe harbor tests differ from what the CLARITY Act would codify, raising the risk of conflicting standards.

CFTC-led market structure rules would matter most for exchanges and derivatives platforms, potentially giving them a clearer route to U.S. registration but also tightening leverage and risk controls.

Stablecoin issuers face the most concrete change: once the OCCs rules are final, only regulated issuers that meet reserve, redemption and compliance requirements will be able to offer payment stablecoins to U.S. users under the GENIUS Act.

3. Key Dates And Scenarios Ahead

The CLARITY Act, which would split oversight between the SEC and CFTC and define when tokens are securities, commodities or stablecoins, has passed the House and a Senate committee but remains stuck over ethics and stablecoin-yield disputes. A Senate cloture vote is expected in mid-September, with a 60-vote hurdle.

If CLARITY passes, it would override conflicting SEC rules and give the CFTC clearer spot-market authority, forcing regulators to align their proposals with statute. If it fails, Regulation Crypto Assets and CFTC rulemaking become the de facto framework, but remain vulnerable to court challenges or reversal by future commissions.

In parallel, the SECs comment period on its proposal runs into October and the OCCs November stablecoin deadline will lock in the first major piece of the new rulebook regardless of Congress.

Conclusion

U.S. crypto regulation is no longer waiting on Congress. Agencies are building a rulebook through their own authority while lawmakers argue over ethics and stablecoins. Whether CLARITY becomes law or not, the combination of SEC token rules, CFTC market structure work and OCC stablecoin standards will determine how much legal clarity, and how much fragmentation, U.S. crypto markets live with in the next cycle.