According to CoinMeta, the CLARITY bill failed to pass in the Senate, resulting in a lack of a comprehensive market structure framework in the United States. Nevertheless, SEC and CFTC coordinated on digital assets before voting and signed a memorandum of understanding aimed at clarifying product definitions and modernizing trading rules. SEC is responsible for enforcing federal securities laws, while CFTC regulates crypto futures and derivatives. CFTC has narrower regulatory powers over the spot market and has not yet established a comprehensive registration system. Despite the failure of the CLARITY bill to pass, CFTC is still pushing forward with new crypto market regulations, indicating that it intends to utilize its existing authorities.