Regulators Press On Despite CLARITY Act Defeat

The Senate's failure to pass the CLARITY Act has not deterred regulators from creating frameworks for digital assets in the United States. According to J. Christopher Giancarlo, former chairman of the CFTC, the SEC and CFTC will continue working on creating rules using their existing powers.

The CLARITY Act aimed at allocating regulatory responsibilities between the SEC and CFTC, as well as introducing registration requirements for exchanges, brokers, and dealers. However, with its defeat in the Senate, attention is now shifting to agency rulemaking and future congressional efforts.

Roger Giancarlo mentioned that Paul Atkins, chairman of the SEC, and Michael Selig, chairman of the CFTC, will continue working on creating rules for digital assets. The SEC has already proposed Regulation Crypto Assets, which provides an individual regime for specific crypto-based investment contracts.