SEC and CFTC Signal Independent Push on Crypto Rules After Senate Blocks Clarity Act

The Securities and Exchange Commission and Commodity Futures Trading Commission are preparing to move forward with crypto regulation on their own, after the Clarity Act failed to advance in the Senate this week.

Senate Vote Falls Short

The Senate voted 49-50 against the Clarity Act on Tuesday, falling short of the 60 votes needed to advance a bill that would have set comprehensive federal rules for digital assets. Democrats largely opposed the measure over concerns tied to President Trump’s crypto business interests and ethics provisions, while Republicans rejected a Democratic counteroffer. That left the bill’s future uncertain heading into the November elections, with one Republican Senate aide telling reporters the bill is likely dead, though Senator Thom Tillis suggested it could still be revived.

Regulators Say They’ll Act Regardless

SEC Chairman Paul Atkins said the agency would move ahead using its existing statutory authority to give investors and entrepreneurs regulatory certainty, regardless of whether Congress passes legislation. CFTC Chair Mike Selig echoed that stance, saying his agency is ready to roll out rules for digital asset markets and would work to deliver the regulatory clarity President Trump promised, using the CFTC’s own authority.

Analysts at Bernstein expect both agencies to pursue an aggressive, fast moving rulemaking approach, while JPMorgan analysts noted agency rules carry less staying power since they can be reversed by future administrations or challenged in court. Coinbase CEO Brian Armstrong called the moment “go time” for the two regulators.