According to CoinMeta, the Clarity Act legislation has been declared a failure, which has disappointed many cryptocurrency enthusiasts. The bill was intended to clarify different types of cryptocurrencies and their regulatory bodies, but it failed to pass. Nevertheless, SEC Chairperson Paul Atkins and CFTC Chairperson Mike Selig have begun to advance new cryptocurrency regulations in this void, particularly policies regarding the tokenization of securities. Atkins stated that the new regulations will provide a legal space for the crypto market, although these measures may face legal challenges.