Following the failure of the CLARITY bill, US regulators are preparing their own rules for the crypto market.

US financial regulators will accelerate the development of new rules for the cryptocurrency market after the Senate rejected the CLARITY Act. Analysts at Bernstein believe the agencies will seek to make up for the time lost while attempting to reach an agreement on the bill.

CLARITY: expanding the powers of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), including by curtailing the authority of state regulators.

SEC Commissioner Paul Atkins stated that, regardless of the fate of CLARITY, the agency would "act decisively—with or without legislation." CFTC Chairman Michael Selig took a similar stance, noting that the commission is prepared to use its existing authority to draft new rules.

Bernstein analysts anticipate the introduction of new regulations regarding the classification of tokens used for capital raising. Specific requirements could impact developers of decentralized finance (DeFi) services and non-custodial protocols. Experts believe that regulators intend to establish exemptions for projects involving the tokenization of equity instruments and to fast-track the approval process for perpetual futures linked to real-world assets.

Bernstein believes that enshrining rules in legislation remains important, as it can reduce the crypto industry's regulatory dependence on shifts in political direction.

The CLARITY bill, championed by President Donald Trump, failed in the Senate on September 15, with half of the upper house of the U.S. Congress voting against it. Earlier, attorneys general from 18 U.S. states—led by New York Attorney General Letitia James—had recommended rejecting the bill.