CFTC Plans Crypto Rules After Clarity Act Vote Fails in Senate

CFTC Chair Mike Selig has announced that his agency will use existing statutory authorities to create crypto rules, despite the failure of the Clarity Act in a Senate vote. The act aimed to formally divide oversight between regulators and distinguish which digital assets are securities, commodities, or stablecoins.

The CFTC's decision comes after lawmakers blocked the Clarity Act on Tuesday with a procedural vote that fell short of the 60-vote threshold. President Trump had urged lawmakers to pass the bill last month, calling it 'very powerful.'

Regulators are expected to continue pushing rules that help the crypto space, as they have become more crypto-friendly since President Trump took office.