Bernstein: Clarity Act failure preserves stablecoin rewards, SEC and CFTC rulemaking expected

Bernstein reports that the failure to advance the Clarity Act means that stablecoin reward frameworks remain unchanged, allowing platforms like Coinbase to continue offering rewards on idle stablecoin balances. Analysts expect the SEC and CFTC to shift toward active and swift rulemaking, focusing on native token classification, DeFi infrastructure, and the approval of real-world asset perpetual futures.