After the Senate blocked the CLARITY Act, the SEC opened a five-year path for tokenized US stocks while the CFTC moved to expand regulated crypto derivatives access. Both moves rely on existing agency authority, so Congress still has not settled how crypto oversight should be divided between the SEC and CFTC. https://cryptoslate.com/sec-and-cftc-bypass-congress-after-clarity-failed-to-open-crypto-access-with-a-catch/