SEC and CFTC Signal Swift Crypto Rulemaking After CLARITY Act Fails

SEC Chair Paul Atkins and CFTC Chair Brian Selig say their agencies will use existing authority to regulate crypto after the Senate rejected the CLARITY Act 49-50 on Sept. 15.

The heads of two federal financial regulators said on Sept. 16 that their agencies would proceed with crypto rulemaking under existing authority, after the US Senate voted against advancing the Digital Asset Market Clarity Act the previous day.

The Senate voted 49-50 on Sept. 15 to block the CLARITY Act, which would have established the first comprehensive federal framework for digital asset regulation. The bill required 60 votes to move forward. SEC Chairman Paul Atkins and CFTC Chair Brian Selig each issued public statements within 24 hours of that vote.

"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," Atkins said.

Selig called the Senate vote "unfortunate" and said investors "deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets." He added that the CFTC is "locked in and ready to ship its rules for the new frontier of finance" and would help fulfill President Trump's promise to deliver regulatory market structure "one way or another."