Regulators Unfazed by CLARITY Act Setback, Press On with Crypto Rulemaking
The US crypto regulation debate has taken a significant turn after the Senate failed to advance the CLARITY Act in a 49-50 procedural vote. Despite this setback, CFTC Chairman Michael Selig expressed his agency's intention to continue developing crypto rules using its existing statutory authority.
Selig emphasized that Americans need regulatory clarity, legal certainty, and consumer protections in digital asset markets. The CFTC will rely on the authority Congress has already granted it to issue rules for the 'new frontier of finance.'
Strategy Executive Chairman Michael Saylor also expects regulators to move forward without waiting for new legislation. He believes that banks will expand Bitcoin custody and Bitcoin-backed lending, which could direct more capital toward Bitcoin and other digital assets.
The SEC has signaled its intention to use its statutory authority on digital assets, with Chairman Paul Atkins stating that the agency will act within its existing powers with or without new legislation.