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State and federal regulators are moving to establish crypto oversight frameworks after the comprehensive Clarity Act failed to advance in the Senate, leaving a regulatory gap in digital asset markets. Separately, prediction-market operator Kalshi asked the CFTC to permit margin trading on its platforms, part of a broader push to expand regulated financial products tied to event and crypto markets. The developments highlight ongoing uncertainty in U.S. digital-asset regulation, with agencies and companies seeking to shape rules in the absence of clear congressional action.