SEC and CFTC Pledge to Write Crypto Rules Independently

The US Senate failed to pass the CLARITY Act, which aimed to provide a clear regulatory framework for cryptocurrencies. Despite this setback, the SEC and CFTC have pledged to write their own rules for crypto.

SEC Chair Paul Atkins and CFTC Chair Michael Selig have directed their staff to draft regulations on crypto trading and investments. This move is seen as a positive development for XRP and Bitcoin, but the impact may be limited in the short term.

XRP has surged 30% since the news broke, while Bitcoin gained 18%. However, experts warn that agency rules are not as durable as legislation, which can be reversed or struck down by courts.