U.S. Regulatory Progress and Stalled Clarity
SEC Chair Paul Atkins has signaled that the Clarity Act is expected to pass this month, despite earlier delays in voting. The legislation represents a significant effort to establish clearer regulatory frameworks for digital assets under SEC and CFTC jurisdiction.
Parallel to legislative efforts, the SEC faces mounting pressure from crypto industry groups including The Crypto Council for Innovation, Grayscale, and a16z to adopt tailored rules for novel exchange-traded products. These groups are urging the regulator to preserve existing fund classifications and streamline reviews for new crypto-linked ETFs, suggesting tension between rapid innovation and regulatory guardrails.
Separately, Ondo has urged both the SEC and CFTC to bring U.S. stock perpetual futures onshore, arguing that existing securities laws can accommodate such derivatives. This represents an industry push to relocate derivatives activity from offshore venues into U.S. regulated markets.
