SEC, CFTC Press On with Crypto Rules Amid Clarity Bill Collapse

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are moving forward with cryptocurrency regulation efforts, despite the collapse of the Digital Asset Market Clarity Act.

The bill, known as the Clarity bill, failed to pass in the Senate on September 15 due to disagreements over government officials' cryptocurrency holdings and stablecoin regulation.

As a result, the SEC is pushing ahead with proposed rules for crypto assets, including flexible registration exemptions for startups with caps of up to $5 million and $75 million. A public hearing will be held through October 20.

SEC Commissioner Hester Peirce criticized the existing approach as treating investors like infants.