Donald Trump · CLARITY Act · US Senate · White House · Coinbase · CNBC Technology
U.S. regulators rush to write crypto rulebook after Clarity Act stalls in Senate
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State and federal regulators are rushing to fill the void in U.S. cryptocurrency regulation after the Clarity Act, a comprehensive set of proposed rules for digital assets, stalled in the Senate.
Key facts
- In August 2025, Pham announced the CFTC would start implementing the recommendations from the President's Working Group on Digital Asset Markets
- And Coinbase CEO Brian Armstrong, who is a key industry player urging Congress to act on the Clarity Act, told CNBC after a failed Senate procedural vote on Sept
- CNBC's Tanaya Macheel and Garrett Downs contributed to this report
- When you're thinking about traditional finance entering in and using some of this technology, they're being held back right now because there is this regulatory uncertainty," Summer Mersinger, CEO
Summary
Two days after the Clarity Act failed to advance in the Senate, the Securities and Exchange Commission expanded its crypto rulebook under its existing authority. The same day, the Commodity Futures Trading Commission submitted a crypto rulemaking proposal to the White House for review. The crypto industry, which had supported the Clarity Act, says it is eager for regulatory guidelines for the developing industry, as it has worked to shape the regulatory environment to its liking. "When you're thinking about traditional finance entering in and using some of this technology, they're being held back right now because there is this regulatory uncertainty," Summer Mersinger, CEO of the Blockchain Association and a former CFTC commissioner, said.