The U.S. Senate failed to advance the Clarity Act last week after a procedural vote of 49 to 50, falling short of the 60 votes needed. According to Odaily, talks on the market structure bill stalled over ethics provisions tied to U.S. President Donald Trump’s crypto businesses.

The Securities and Exchange Commission later introduced a digital asset "innovation exemption" that would allow eligible platforms to trade on-chain tokenized U.S. stocks without registering as national securities exchanges. The Commodity Futures Trading Commission also issued a no-action position for passive software providers and sent a broader crypto market rulemaking proposal to the White House for review.

The Federal Reserve proposed requiring stablecoin issuers it supervises to fully back tokens with safe, liquid assets and to hold capital against operational risks. The Office of the Comptroller of the Currency is also moving ahead with stablecoin rulemaking and plans to complete the rules by November.