The SEC issued joint guidance with the CFTC last week, classifying digital assets into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, signaling that the agency will build its own crypto regulatory framework rather than wait indefinitely for the Senate’s stalled CLARITY Act. The House passed the CLARITY Act last July, but the Senate is divided, with the Agriculture committee advancing its section without Democratic votes and the Banking committee facing setbacks, including losing Coinbase’s support.