Legislative Momentum Stalls Despite Industry Support
The Senate has shelved the Crypto Clarity Act for now, deferring floor time to other legislative priorities despite endorsements from BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi. The bill, described by supporters as "extraordinarily bipartisan," was expected to establish clearer market structure rules for digital assets but faces a compressed legislative calendar.
New York Attorney General Letitia James has warned that the Clarity Act could weaken state-level crypto enforcement and urged Congress to impose stronger consumer protection requirements on digital asset platforms, signaling potential opposition from state regulators that could complicate passage.
Regulatory Turf Wars Emerge Over Perpetual Futures
A significant dispute has emerged between the CFTC and CME over onchain perpetual futures regulation. The CFTC recently approved its first listing for crypto perpetuals, but the CME—a major derivatives player—is contesting what it views as a departure from existing legal frameworks governing derivatives markets.
