Bernstein analysis suggests SEC and CFTC will pursue aggressive crypto rulemaking after CLARITY Act stalls, while stablecoin yield products remain permissible.
DeFi & Yields ·
Bernstein analysis suggests the SEC and CFTC will pursue rulemaking "aggressively and swiftly" on crypto matters following the stalling of the CLARITY Act. The shift comes as legislative gridlock removes one regulatory pathway, prompting the two agencies to move forward independently rather than await Congressional action.
The analysis indicates that stablecoin yield products—specifically rewards paid on idle balances—remain permissible under current rules and can continue without interruption. This distinction suggests the agencies may focus rulemaking efforts on other areas of crypto activity, leaving this particular segment untouched in the near term.
The outlook hinges on how quickly the SEC and CFTC formulate and implement new rules, and which specific crypto activities they prioritize. The precise scope and timing of their rulemaking remain unclear.