The CLARITY Act stalled in the Senate on Sept. 15 after failing to reach the 60 votes required to advance, leaving the U.S. without the broad crypto market-structure framework the bill was designed to establish. The setback does not make crypto unregulated: the SEC and CFTC (U.S. commodities regulator) signed a memorandum of understanding in March covering product definitions, trading rules and coordination. The SEC applies federal securities laws to crypto assets, token offerings and transactions that fall within that framework, while the CFTC oversees crypto futures, options and other derivatives and has narrower spot-market powers. Earlier this year, the SEC issued guidance on staking (locking crypto to earn rewards), mining, airdrops and when a non-security asset can become part of an investment contract; the CFTC joined that interpretation. The CFTC has since sent a new crypto-market rulemaking proposal for White House regulatory review. Stablecoins have a separate federal framework under the GENIUS Act, while crypto businesses may also face FinCEN anti-money-laundering obligations, banking supervision and state licensing requirements.