Federal agencies have accelerated cryptocurrency regulatory actions since Congress failed to pass the Crypto Clarity Act on September 17. The SEC authorized limited on-chain trading of tokenized US stocks and released new guidance on securities law application, while the CFTC permitted passive derivatives software development without broker registration and filed new crypto market rules for White House review. The CFTC has outlined plans for 24/7 on-chain tokenized financial markets and issued updated guidance on tokenized assets and blockchain recordkeeping. Concurrently, the Federal Reserve proposed stablecoin issuer rules under the GENIUS Act, and the Trump administration is considering international promotion of dollar-backed stablecoins. SEC leadership indicated tokenization rules are shifting toward a longer-term framework, with one commissioner calling to end mass collection of sensitive KYC data.