SEC and CFTC Signal Swift Action on Crypto Regulation After CLARITY Act Fails

The US Senate's rejection of the CLARITY Act has prompted the SEC and CFTC to proceed with crypto rulemaking under existing authority.

SEC Chairman Paul Atkins and CFTC Chair Brian Selig have issued statements expressing their intentions to act decisively within their agencies' statutory authority.

Selig called the Senate vote 'unfortunate,' saying investors deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets.

The agencies are expected to pursue rulemaking in an 'aggressive and swift' manner, focusing on areas such as native crypto token classification, decentralized finance protocols, self-custody infrastructure protections, and equity tokenization standards.