The Clarity Act would have cleared that up and also elevated the SEC’s sister agency, the Commodity Futures Trading Commission, to new authorities — most importantly full supervisory powers over the crypto commodity spot markets. Spot markets are where commodities trade directly, and since bitcoin and Ethereum’s ether were eventually determined to be commodities, it became clear the bulk of crypto trading happens in that space that’s absent a hands-on regulator (except in situations in which bad guys are manipulating the markets).