The CLARITY Act Failed - What Happens to Crypto Now?

Host John Gillen speaks with TX co-founder and chief legal officer Ashley Eversole about why the CLARITY Act’s failure is a setback rather than an endpoint. Eversole expects the SEC and CFTC to keep filling gaps through rulemaking, though agency rules are easier for future administrations to reverse than legislation.

They examine how updated transfer-agent rules could make blockchains authoritative ledgers for onchain securities, along with the need for clear disclosures when tokens track stocks without granting shareholder rights. Eversole also explains TX’s approach to connecting tokenized asset markets and why regulatory uncertainty can deter founders even when it does not block experienced teams.

The discussion turns to AI agents transacting in financial products, where questions of responsibility and recovery remain unresolved. The broader takeaway is that tokenization and crypto development are likely to continue, while the next legislative path may depend on election results and whether lawmakers pursue a comprehensive bill or smaller measures.