US Regulators Press On with Crypto Rules Despite CLARITY Act Failure
The Senate's failure to advance the CLARITY Act has not hindered U.S. regulators' efforts to establish clear rules for cryptocurrencies. Former CFTC Chairman J. Christopher Giancarlo stated that the SEC and CFTC can continue building crypto frameworks under their existing authority, regardless of the legislation's fate.
Giancarlo emphasized that SEC Chairman Paul Atkins and CFTC Chairman Michael Selig are determined to put in place sound regulatory frameworks for digital assets, citing their agencies' existing powers. This stance aligns with Giancarlo's previous arguments that agency rulemaking could proceed if Congress failed to enact market structure legislation.
The CLARITY Act aimed to create a statutory division of responsibilities between the SEC and CFTC for digital assets, as well as establish registration routes for exchanges, brokers, and dealers. Despite its failure, industry executives such as Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse have called on regulators to provide clearer rules for digital assets.