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Within 48 hours, agencies rolled out a tokenized‑stock exemption, no‑action relief and proposed stablecoin standards—shifting crypto policy from Congress to rulemakers.
Crypto’s near-term rulebook is being written by agencies, not Congress. After the Senate failed to advance the Clarity Act in a 49–50 procedural vote that fell short of the 60 needed, regulators moved quickly with their own policies, Decrypt reported.
The Securities and Exchange Commission went first. Chairman Paul Atkins unveiled an “innovation exemption” for digital assets that allows qualifying venues to trade tokenized U.S. equities on-chain without registering as national securities exchanges. The move signaled the SEC’s intent to shape crypto policy through its existing authority rather than wait for lawmakers. The details that determine who qualifies and how surveillance and investor protections will work will be critical for any venue considering the path.
The Commodity Futures Trading Commission followed on parallel tracks. CFTC staff issued a no-action position allowing passive software providers—including crypto wallet apps—to give users access to regulated derivatives without registering as introducing brokers. The agency also sent a broader crypto-markets rulemaking to the White House for review, though the text has not been released.
Then the Federal Reserve proposed rules for stablecoins issued by firms it supervises, requiring full backing with safe, liquid assets and capital against operational risks. The proposal is part of the multi-agency rollout of the GENIUS Act, the stablecoin law President Donald Trump signed in 2025. The Office of the Comptroller of the Currency is racing to finalize its own stablecoin standards by November, ahead of a January statutory deadline.
The strategy shift matters because rules made agency by agency are slower to finalize, easier to challenge in court, and easier for a future administration to unwind than a statute. That trade-off is widely understood in the industry, which has nonetheless pivoted to engage with regulators. Solana Policy Institute President Kristin Smith said the sector is “now looking to regulators for guidance,” calling it “the more viable path forward right now.”
Mechanically, the SEC’s exemption creates a potential legal lane for tokenized equity trading venues, but only if leading intermediaries judge the framework workable and worth the compliance cost. The CFTC’s no-action relief could broaden how user-facing software integrates derivatives access without triggering broker registration, depending on how narrowly “passive” is defined. The Fed’s stablecoin proposal would shape issuer balance sheets and operational capital planning, influencing who can scale and at what cost.
What to watch next
Three near-term signals will show whether the pivot sticks: publication of the SEC exemption’s eligibility and surveillance terms; the White House review timeline and scope of the CFTC’s rulemaking; and whether the OCC hits its November mark with rules that align with the Fed’s approach ahead of January. Also watch for early litigation and whether a major venue actually launches tokenized stock trading under the SEC framework—real adoption will determine whether rulemaking, not legislation, sets crypto’s tempo.
This content is for informational purposes only and does not constitute financial advice.
🧠 HafidWatch Take
The center of gravity has shifted to agencies, but the true test will be durability rather than speed. Uptake is crucial: a major venue must trade tokenized equities under the SEC’s exemption, and the Fed and OCC need to finalize workable stablecoin standards by January for rulemaking—not legislation—to set crypto’s tempo. Without real adoption, these moves risk appearing as positioning ahead of court challenges and potential policy reversals from future administrations.
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