These past couple of days, both the SEC and CFTC have been actively addressing the gap caused by the significant delay of the Clarity Act, pushing forward crypto asset-related regulations instead of just waiting around for Congress to legislate. From a practical standpoint, the new administrative rules being advanced by the SEC and CFTC currently cover about 50-60% of what the Clarity Act aims to achieve. Specifically: • The SEC is mainly addressing 'primary market issuance pathways + asset classification clarity.' • The CFTC is focusing on 'derivatives market rules + certain trading/intermediary arrangements.' Together, these administrative actions are helping to resolve some of the most urgent issues affecting the industry’s operations. That said, Overall, there’s still a lack of the permanence and comprehensive spot market structure that legislation would bring. Only when Congress formally writes a crypto regulatory framework into law will things truly be solidified.