SEC and CFTC Vow to Push Through Crypto Rules After Clarity Act Stalls

The US Senate failed to advance the Clarity Act, which aimed to comprehensively regulate the digital asset industry at the federal level. The bill needed 60 votes to move forward but fell short with a 49-50 vote on Tuesday.

In response to the stalled legislation, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are signaling that they will use their existing authority to push through crypto rules. SEC Chairman Paul Atkin emphasized that 'with or without legislation, we will act decisively within the SEC's statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future.'

CFTC Chair Mike Selig echoed this sentiment, stating that the agency is 'locked in and ready to ship its rules for the new frontier of finance.' He also noted that President Trump promised to deliver a regulatory market structure for crypto assets.