The CLARITY Act is stalled in the Senate, but SEC Chair Atkins is still publicly reiterating his push for a “common-sense” crypto market structure framework.

With legislation at a standstill, regulators are filling the gap with exemption orders—an innovation exemption for tokenized stocks and an issuance safe harbor, for example, to create testing grounds. There are paths forward in the short term, but Congress still hasn’t set the direction for the long term.

For the market: don’t wait for a “big bill to pass overnight.” First, watch which models can actually enter the compliance channel as regulatory measures take shape.

#SEC #加密监管 #CLARITY #MarketStructure