[Bernstein: Clarity Act Failure Allows Stablecoin Idle Balance Rewards to Continue, SEC and CFTC Expected to Quickly Formulate Rules] According to The Block, a Bernstein report states that after the Senate failed to advance the Clarity Act, the next phase of U.S. crypto regulation will shift to the SEC and CFTC. Analysts expect the SEC and CFTC to lean toward 'specific rule-making,' with the process being 'proactive and swift' to make up for the time consumed by legislative negotiations. They anticipate the two agencies will address the classification of native crypto tokens, DeFi and self-custody infrastructure protections, and tokenized equity rules. Additionally, they may expedite the approval of perpetual futures for real-world assets and coordinate on single-stock perpetual contracts. Bernstein noted that the failure of the Clarity Act keeps the stablecoin reward framework unchanged. The compromise text would have prohibited offering rewards on idle stablecoin balances and linking them to customer activity. Platforms like Coinbase can continue to provide rewards on idle balances.