SEC and CFTC Move to Regulate Crypto Amid Clarity Act Failure

The XRP community has been abuzz after former Acting CFTC Chairman Caroline D. Pham posted an intriguing message on X, stating 'There was always a Plan B.'

This comment refers to the SEC and CFTC's rulemaking process, which gained momentum after the CLARITY Act failed its cloture vote on September 15 by just one vote.

With Congress now in recess ahead of October's election, regulatory power has shifted from lawmakers to government agencies. The SEC was quick to act, issuing three key proposals in recent weeks: Regulation Crypto Assets, a comprehensive overhaul of transfer agent rules, and the Innovation Exemption for tokenized NMS stocks.