SEC and CFTC Under Pressure to Deliver Crypto Rules Amid Clarity Act Failure

Coinbase CEO Brian Armstrong has called on the SEC and CFTC to step in and create clear rules for the cryptocurrency sector after the CLARITY Act failed a Senate procedural vote.

In a post on X, Armstrong urged regulators to use their existing authority to create clear rules, stating 'We can’t wait on Congress anymore.'

The failure of the bill was seen as a disappointment by some, but Armstrong noted that it could be for the best, citing concerns over stablecoin yield compromises.

White House Chief Crypto Advisor Patrick Witt also expressed frustration with the outcome, calling it a 'failure of American leadership.'