SEC and CFTC Chairmen Say They Will Write Crypto Rules Without CLARITY Act

The heads of both U.S. market regulators said Wednesday they will write crypto rules without the CLARITY Act, a day after the Senate refused to take up the bill.

The SEC has a crypto asset offering rule in the Federal Register with comments open until Oct. 20 and two more proposals behind it. The CFTC has directed staff twice this year and sent no crypto market structure rule to the Register.

"The outcome of yesterday's Senate vote was unfortunate," CFTC Chairman Selig said in a statement posted at 10:35 a.m. ET. "President Trump promised to deliver a future-proof crypto asset regulatory market structure one way or the other, and we will help him get the job done using our existing statutory authorities. The U.S. is and will remain the crypto capital of the world. The CFTC is locked in and ready to ship its rules for the new frontier of finance."

SEC Chairman Atkins posted at 12:11 p.m. ET. "I have been unequivocal: with or without legislation, we will act decisively within the SEC's statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future," he said. "Stay tuned."

Atkins thanked "everyone who put so much effort into the CLARITY Act—across the Administration, Congress, investors, and innovators."