[Clarity Act Stalls in Senate, SEC and CFTC Set Rules Within Days] According to a report by Decrypt on September 26, the U.S. 'Clarity Act' market structure bill was stalled in a procedural vote in the Senate with a 49-50 result (60 votes required, with three Republicans defecting). The primary reason was the breakdown of negotiations due to ethical clauses involving Trump's crypto business. Senator Lummis, the bill's architect, stated that it is essentially dead for this year. Within 48 hours, regulatory agencies quickly filled the void: - The SEC introduced an 'Innovation Exemption,' allowing compliant trading platforms to trade tokenized U.S. stocks on-chain without registering as national exchanges. - The CFTC issued a no-action position and submitted market rule documents to the White House (the text has not been disclosed). - The Federal Reserve proposed requiring stablecoin issuers under its supervision to fully back tokens with safe and liquid assets and allocate operational risk capital.