On Tuesday, the U.S. Senate failed to advance the procedural vote on the Clarity Act with a 49-50 vote. The bill needed 60 votes to end debate, with Democrats unanimously opposing it and three Republican senators also voting against. Within days, SEC Chairman Paul Atkins linked the failure of the bill to tokenized stock innovation exemptions, while the CFTC expanded no-action relief for passive software providers. Crypto rulemaking authority is shifting from Congress to federal agencies.