IRS

The Clarity Act has missed a key Senate window, raising doubts over whether a comprehensive U.S. crypto market structure law can pass this year. Even so, regulators and banking agencies are already advancing policies that could shape digital asset oversight without a new statute.

CME Group Chairman and CEO Terry Duffy says U.S. approval of perpetual futures could leave traders exposed to unresolved tax questions if the products are ultimately deemed swaps rather than futures. Legal specialists say the dispute is complex, with courts, regulators and the IRS potentially taking separate paths on classification and reporting.