If CLARITY passes, here is what Monday morning looks like

The Senate treats the crypto bill as a finish line. It is a starting gun. Some provisions fire the moment the president signs, others wait years for two short-staffed agencies to write the actual rules, and the gap between those two speeds is where the market’s expectations will be made and broken. Summary If the CLARITY Act becomes law, its effects split into two radically different speeds: provisions that operate by force of statute the day it takes effect, and provisions that exist only after the SEC and CFTC complete rulemakings that will take years. Day one by operation of law: the ETP grandfather clause classifying XRP, SOL, and DOGE as non-securities, the Section 604 shield for non-custodial developers, and federal preemption of conflicting state regimes. Waiting on rules: the self-certification process, digital commodity exchange and broker registration, the ancillary-asset disclosure regime, kiosk standards, and virtually everything the industry describes when it says the word clarity. The empirical base rate is discouraging: the GENIUS Act’s agencies missed their own statutory rulemaking deadline this month, one year after passage, and CLARITY hands a larger workload to a...