Bernstein: Failure of CLARITY Act may accelerate regulatory rulemaking

Following the U.S. Senate's failure to pass the CLARITY Act (Digital Asset Market Structure Bill), Bernstein analysts expect the SEC and CFTC to initiate rapid rulemaking. The expected regulations may cover token fundraising classifications, developer protections for DeFi and self-custody protocols, exemptions for equity tokenization, and approval pathways for real-world asset perpetual futures.