US crypto regulation is fragmenting. The CFTC will explore new rules on August 20, following the SEC's recent move to tailor an offering regime for crypto investment contracts.

Both agencies are charting their own course. Congress failed to advance the CLARITY Act, and President Trump hasn't filled CFTC commissioner roles. This means more uncertainty, higher likelihood of conflicting rules, especially for new projects.

Would you launch a crypto project in the US right now?

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