US Crypto Regulators Forge Ahead with Rules as CLARITY Act Stalls

The CLARITY Act, aimed at establishing federal regulation of the crypto market, stalled in the Senate on September 15, falling short of the required 60 votes. The bill would have divided oversight between the SEC and CFTC, including registration for digital commodity intermediaries.

CFTC Chair Michael Selig stated that the agency is ready to build rules for the crypto market if CLARITY remains stalled. He emphasized the importance of tokenized collateral and round-the-clock markets.

The SEC had proposed offering exemptions of $5 million and $75 million, subject to public comment, in an August 18 proposal. The exemption for stock trading expires in 2031 and covers a defined venue model.