U.S. and Arizona crypto enforcement accelerate as CLARITY Act stalls

The Senate’s CLARITY Act remains stalled while the SEC, CFTC, and Federal Reserve advance piecemeal frameworks. The October 20 deadline for comments on proposed SEC offering exemptions has passed without an agency decision; Arizona’s temporary cease-and-desist order against a stablecoin seller remains unresolved. France has proposed stricter MiCA rules, but these remain recommendations.