Regulators Ready to Step Up Crypto Oversight as Congress Fails to Pass Bill

Federal regulators are poised to step up oversight of the cryptocurrency market as Congress stalls on passing a regulatory overhaul bill known as the Clarity Act.

The Senate adjourned for its August recess without reaching a compromise on the landmark proposal, which would give the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission fresh power to regulate digital assets.

Majority Leader John Thune (R-S.D.) has teed up a vote to proceed with the measure when the chamber returns in mid-September, but time is running out for lawmakers to strike a deal ahead of the election.