Crypto's Regulatory Roadmap Shifts from Congress to Agencies

The Digital Asset Market Clarity Act failed to advance in the Senate on Tuesday (Sept. 15), sending crypto stocks tumbling and leaving the industry without comprehensive federal market structure legislation. House Speaker Mike Johnson announced that Thursday's House votes were cancelled, and lawmakers will likely go on recess starting Wednesday night, returning to Washington only after the November midterm elections.

The bill's failure has left both the crypto and banking industries calling for regulatory certainty. Members of both sides agree that the fight is far from over, with some saying they can't wait on Congress anymore. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have continued developing digital-asset policy, leaving cryptocurrency companies with a potentially important second track.

Brian Armstrong, CEO of Coinbase, said that while the Clarity Act's failure is disappointing, clarity is coming to crypto regardless. He expects the SEC and CFTC to create clear rules under existing authority. SEC Chairman Paul Atkins also emphasized that the SEC will act decisively within its statutory authority to deliver certainty for American investors and entrepreneurs.