CLARITY Act ‘Plan B’ Activated as CFTC Vows to Ship Crypto Rules After Senate Defeat

Key Takeaways

• CFTC Chairman Michael Selig said the agency is "ready to ship" crypto rules using its existing statutory authority.

• The Senate rejected a motion to advance the CLARITY Act by 49 votes to 50, well short of the 60-vote threshold.

• Crypto supporters reacted positively, though agency-led regulations could face legal challenges without new legislation.

Commodity Futures Trading Commission Chairman Michael Selig said the agency is prepared to move forward with new crypto regulations after the Senate blocked the CLARITY Act on Tuesday.

CLARITY Act Plan B?

Posting on X on Wednesday, Selig said: "The outcome of yesterday's Senate vote was unfortunate."

"Americans deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets," he continued.

"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."

Selig ended the statement with an unmistakably defiant message:

"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."

Selig's statement suggests the Trump administration will now pursue parts of its crypto agenda through agency rulemaking rather than wait for Congress to revive the bill.