U.S. Regulators Push Crypto Rules As Clarity Act Stalls

Securities regulators in the U.S. say they plan to move forward with regulations to govern cryptocurrencies as the Clarity Act legislation stalls in Congress.

The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) each signaled plans to move ahead with crypto rules.

SEC Chairman Paul Atkin said in a media interview that, "with or without legislation, we will act decisively within the SEC's statutory authority to deliver certainty for American investors."

Similarly, CFTC Chair Mike Selig said his agency is "locked in and ready to ship its rules for the new frontier of finance."

The comments from the regulators come after the U.S. Senate failed to advance the Clarity Act, potentially shifting responsibility for digital asset regulations to the SEC and CFTC.

The Senate voted 49-50 against the Clarity Act, which would regulate the digital asset industry at the federal level. The bill needed 60 votes to advance in Congress.

Democratic lawmakers continue to oppose the legislation over concerns about U.S. President Donald Trump's crypto interests and demand that ethics provisions be added to the bill.

Wall Street analysts issued notes on Sept. 16 saying they expect the SEC and CFTC to now take the lead when it comes to regulating Bitcoin (CRYPTO: $BTC) and other digital assets.

The crypto industry also appears to be pushing for Wall Street regulators to take the initiative on regulations.

In a social media post after the Senate vote, Coinbase Global (NASDAQ: $COIN) CEO Brian Armstrong wrote: "The CFTC and SEC are stepping up. Go time."

Bitcoin is trading at $76,500 U.S. on Sept. 17.