However, the agency can substantially influence how existing securities laws are interpreted and applied while legislators continue negotiating the CLARITY Act. That means many crypto businesses may receive practical regulatory clarity before Congress reaches a final agreement on permanent market structure legislation. The SEC has also signaled that further proposals covering token issuance, custody arrangements and crypto trading platforms could proceed even before the Senate votes on the CLARITY Act. Congress Still Holds the Final AuthorityDespite the SEC’s increasingly active role, the CLARITY Act would accomplish changes that regulators cannot achieve independently. Related: US Senate Has Two Days to Pass Crypto CLARITY Act Before Summer RecessWhile the Senate continues negotiating ethics provisions and consumer protections that have delayed the CLARITY Act, the SEC is quietly constructing the regulatory framework that many market participants will follow in practice.