SEC · CLARITY Act · US Senate · Donald Trump · Decrypt
CFTC and SEC Double Down on Crypto After Clarity Act Defeat
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The heads of the Commodity Futures Trading Commission and Securities and Exchange Commission pledged to press ahead with crypto regulation using their existing powers after the Senate failed to advance the Clarity Act.
Key facts
- On Tuesday, the Senate voted 49–50 on a procedural motion to advance the Clarity Act, falling short of the 60 votes required
- The heads of the Commodity Futures Trading Commission and Securities and Exchange Commission pledged to press ahead with crypto regulation using their existing powers after the Senate failed
- The legislation would establish a federal framework for crypto markets and clarify the responsibilities of the CFTC and Securities and Exchange Commission
- Selig said the agency would help President Donald Trump deliver a crypto regulatory framework “using their existing statutory authorities
Summary
CFTC Chair Michael Selig said the agency is “ready to ship” its crypto rules. The comments come after the Clarity Act fell short of the 60 votes needed to clear a Senate procedural hurdle. In a post on X on Wednesday, CFTC Chair Mike Selig said his Commission is “locked in and ready to ship its rules for the new frontier of finance.” “The outcome of yesterday’s Senate vote was unfortunate,” he said.