State and federal regulators are rushing to fill the void in U.S. cryptocurrency regulation after the Clarity Act, a comprehensive set of proposed rules for digital assets, stalled in the Senate.

Just two days after the Clarity Act failed to advance in the Senate, the Securities and Exchange Commission expanded its crypto rulebook under its existing authority. The agency issued an order creating a temporary pathway for trading certain tokenized stocks, inching financial markets closer to 24/7 trading.

The same day, the Commodity Futures Trading Commission submitted a crypto rulemaking proposal to the White House for review. The details of the proposal weren’t made public, but a post by the Office of Management and Budget confirmed the…