# Crypto Lost Its Clarity

> Regulators and industry shift crypto rules from legislation to agency action.
- Title: Crypto Lost Its Clarity · Pymnts | Shortify
- Summary: Regulators and industry shift crypto rules from legislation to agency action. The Fed, SEC, and CFTC are advancing digital asset rules without new laws as…
- Keywords: fed, sec, cftc, clarity act, stablecoins, genius act, blockchain association, circle, sofi, payment stablecoins, business, finance
- Source: Pymnts — https://pymnts.com/cryptocurrency/2026/crypto-lost-its-clarity-heres-how-industry-and-government-are-rebuilding
- Author: PYMNTS
- Published: 2026-09-28T20:50:56+00:00
- Read time: 1 min
- Topics: fed, sec, cftc, clarity act, stablecoins, genius act, blockchain association, circle, sofi, payment stablecoins, business, finance
## Regulatory Shift
The Fed, SEC, and CFTC are advancing digital asset measures without comprehensive legislation, shifting the regulatory battle from Capitol Hill to agency rulemaking.
## Leadership Changes
The Blockchain Association is changing chief executives. The SEC Commissioner Hester Peirce is departing on Oct 2. Circle is replacing its CFO while a co-founder leaves its board.
## Stablecoin Integration
SoFi announced using SoFiUSD stablecoins to settle card transactions on Mastercard, supporting over $25 billion in annual transaction volume.
## Rulemaking Progress
The Fed proposed rules on stablecoin reserve assets, capital requirements, risk management, and custody arrangements under the GENIUS Act.
## Regulatory Pathways
National banks issuing through subsidiaries work with the OCC, FDIC-supervised state banks follow FDIC processes, and Fed-supervised state banks use Fed rules.
## Next Phase
The industry must adapt to operating stablecoins within financial systems rather than seeking regulatory recognition.
## Key takeaway

The Fed, SEC, and CFTC are advancing digital asset rules without new laws as crypto leadership changes.