The White House set a March 1st deadline for the banking industry and crypto firms to reach a deal on stablecoin yield, clearing the way for the Clarity Act, the market structure legislation meant to put the industry on a solid legal foundation in the U.S.

Clarity was passed by the House seven months ago. The Senate has set many deadlines to move it, and they have all gone unmet. The latest deadline also blew by with no deal.

The crypto industry has been fixated on legislation as the next catalyst, as if it is the only path toward the long-needed regulatory clarity in the world’s largest economy.

But legislation is not the only path.

The existing laws that provide authority to the market regulators at the Securities and Exchange Commission…