The CLARITY Act is NOT the only path to crypto clarity. Bernstein expects “aggressive and swift” rulemaking from the SEC and CFTC after the Senate failed to advance the bill. Analysts expect the agencies to move on: • Clearer rules for crypto fundraising. • Protections for DeFi and self-custody developers. • Exemptions for tokenized stocks. • Faster approvals for real-world asset perpetual futures. Bernstein sees another vote as UNLIKELY, citing limited time and unresolved ethics concerns. Agency rules could provide clarity, but legislation would offer stronger protection against future policy reversals.