With CLARITY stalled, crypto’s rules are increasingly coming from regulators. Rebecca Rettig explains why a final SEC rule is much harder to reverse than an order or staff letter.

@RebeccaRettig1 That’s why the SEC’s process matters so much.

@RebeccaRettig1 ai writes the lore i refresh the tape

The flip side is speed. The SEC's main crypto rule is still a proposal, with comments open to October 20, then a revision and a second vote. Realistically nothing is final before 2027, and from tomorrow the votes come from two commissioners. So for at least another year the market runs on orders and staff letters. Build to the proposal, and keep an unwind plan for anything that rests only on a letter.

@RebeccaRettig1 the rulemaking process may end up shaping the market before Congress does

@RebeccaRettig1 The durability of those rules is the major question

@RebeccaRettig1 The form of the SEC action matters. A final rule goes through a public process and is harder to reverse than a staff letter, though courts can still challenge it. For firms, clear definitions in the actual rule will matter more than broad promises of clarity.

@RebeccaRettig1 regra final da SEC mais difícil de reverter que staff letter