CFTC and SEC Double Down on Crypto After Clarity Act Defeat
The Senate failed 49–50 to advance the Clarity Act, which would have created a federal crypto market framework and clarified CFTC and SEC roles. In response, CFTC Chair Mike Selig and SEC Chair Paul Atkins said their agencies will move ahead using existing statutory authority. Selig said the CFTC is ready to write rules for crypto exchanges, leveraged trading, and blockchain-based finance, and that Americans need clearer rules and consumer protections. Atkins said the SEC will act “with or without legislation” to provide certainty for investors and entrepreneurs. The vote followed disputes over ethics limits, developer protections, and stablecoin rewards. Another Senate vote is possible, but this year’s legislative window is likely too narrow.
