The failure of the Clarity Act has prompted proactive regulatory moves from the CFTC and SEC, with industry executives predicting this agency-led approach will accelerate commercial opportunities more effectively than stalled legislation. The CFTC is seeking feedback on leveraged retail crypto trading rules and a new market registration category, while the SEC’s October 1 custody proposal would allow state trust companies and advisers to safeguard client assets. Despite these advances, unleveraged spot trading still lacks comprehensive federal oversight beyond anti-fraud powers. Industry leaders view the current regulatory momentum as favorable for near-term growth, with KBW reporting that agency actions are already unlocking mergers and acquisitions across digital assets and traditional finance. Bitwise anticipates increased protocol adoption of token buybacks following SEC clarifications that have boosted investor confidence.