SEC and CFTC bypass Congress to open crypto access after CLARITY Act fails

Following the US Senate's failure to advance the CLARITY Act on Sept. 15, federal regulators have introduced alternative pathways for crypto-linked market access. The SEC has established a five-year pilot program for permissioned venues to trade tokenized US stocks via automated market makers, while the CFTC has expanded staff no-action relief to allow software providers to connect users to regulated derivatives markets. These measures are conditional and do not replace comprehensive market-structure legislation.