Bernstein Says Failure of CLARITY Act Could Accelerate SEC, CFTC Crypto Rulemaking

Bernstein said the failure of the CLARITY Act in the U.S. Congress could instead hasten efforts by regulators to draw up rules for crypto assets.

Cointelegraph reported on August 3 that, if the bill does not pass Congress, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission could move faster to craft their own crypto regulations, Bernstein said.

The CLARITY Act is a market-structure bill that would establish standards for determining whether digital assets are securities or commodities and split oversight authority between the SEC and the CFTC.