Regulators Take Charge of Crypto Rules After Senate Stalls Clarity Act

The SEC and CFTC are pushing forward on crypto rules after the U.S. Senate's September 15 vote to block the Digital Asset Market Clarity Act (H.R. 3633) fell short, with a 49-50 vote.

Without waiting for a compromise on Capitol Hill, the agencies have stepped up their own rulemaking efforts.

The SEC is advancing a proposed Regulation Crypto Assets, which would introduce flexible registration exemptions for crypto startups, with limits of up to $5 million and $75 million.

The CFTC plan involves using its current authority to shape the market structure, and has already updated its rules for accounting for tokenized assets and sent a comprehensive regulatory proposal to the White House for approval.