Bernstein analysts expect US crypto regulation to pick up steam after lawmakers shot down the CLARITY Act. They say the heavy lifting on new rules now falls squarely on the two main regulators: the CFTC and the SEC.

Bernstein’s Outlook

According to the analysts, the top priority will be fast-tracking rulebooks for native tokens, DeFi protocols, and tokenized stocks. The goal: give the market a clearer regulatory playbook for issuing, trading, and integrating these assets with traditional finance rails.

The CFTC and SEC Take Center Stage

Bernstein expects both the CFTC and SEC to set the tone for practical standards and guidance, defining what’s allowed in crypto—without waiting for a new law. The real action, they say, is shifting from Congress to the regulators themselves.

What’s Next for Stablecoins

The analysts also point out that since the bill failed, projects can still offer rewards on idle stablecoin balances. That part of the market will keep operating under the current rules until the regulators come up with something new.

Bottom line, Bernstein sees momentum moving away from new legislation and toward targeted action from the CFTC and SEC, with a focus on native tokens, DeFi, and tokenized equities.