The future of the Clarity Act, a proposed crypto market structure bill, has come under question after a failed Senate vote. State and federal regulators are moving to address the resulting uncertainty. In a letter to the Senate Banking Committee, a bipartisan coalition of state attorneys general argued that the bill would displace states’ ability to regulate securities markets. Two days after the failed vote, the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator) began developing as much of the crypto industry’s regulatory rulebook as their existing authority allows.