Cryptocurrency mergers and acquisitions are expected to remain active despite the Clarity Act failing to advance, with bankers and investors anticipating greater activity in sectors with established regulatory frameworks. Companies facing unresolved questions about their tokens may attract less acquisition interest. The SEC is developing additional crypto-market rules aimed at keeping digital-asset activity in the United States, while its temporary Innovation Exemption facilitates trading in tokenized U.S. stocks and its proposed custody framework addresses customer crypto assets. The CFTC has updated its no-action position for developers of passive software such as Phantom and MetaMask, while both agencies have updated FAQs on crypto-asset activities. The SEC has also reviewed confidential crypto ETF filings and faster review timelines involving Grayscale, a16z, Jane Street and Schwab, and the CFTC has updated guidance on tokenized investments and blockchain recordkeeping.