SEC · CLARITY Act · US Senate · US Congress · U.S. · The Block
‘Go time’: SEC, CFTC prepare to push crypto rules as Clarity Act stalls in Senate
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The Securities and Exchange Commission and Commodity Futures Trading Commission are signaling they will move ahead with crypto rulemaking using their existing authority after the U.S. Senate failed to advance the Clarity Act, potentially shifting the focus of U.S. digital asset regulation from Congress to the agencies.
Key facts
- The Senate on Tuesday voted 49-50 against the Clarity Act, which would regulate the digital asset industry comprehensively for the first time at the federal level
- One Republican Senate aide told The Block's Sarah Wynn that they think the bill is dead, though some, like Sen
- Our collective conviction that America must continue to lead is indispensable," SEC Chairman Paul Atkin said Wednesday
- American investors deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets," CFTC Chair Mike Selig said in a statement
Summary
The Securities and Exchange Commission and Commodity Futures Trading Commission are signaling they will move ahead with crypto rulemaking using their existing authority after the U.S. Senate failed to advance the Clarity Act, potentially shifting the focus of U.S. digital asset regulation from Congress to the agencies. The Senate on Tuesday voted 49-50 against the Clarity Act, which would regulate the digital asset industry comprehensively for the first time at the federal level. "Our collective conviction that America must continue to lead is indispensable," SEC Chairman Paul Atkin said Wednesday. CFTC Chair Mike Selig posted a similar message, saying the agency is "locked in and ready to ship its rules for the new frontier of finance. "The outcome of yesterday's Senate vote was unfortunate.