SEC and CFTC Vow to Push Crypto Rules After Clarity Act Setback

The heads of the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) say they will continue working on crypto regulation despite the Senate’s failure to advance the Clarity Act.

CFTC Chair Mike Selig said Wednesday that his agency remains ready to establish rules for the growing digital asset industry. In a post on X, he described the Senate vote as unfortunate and said Americans deserve clearer regulations, legal certainty and stronger consumer protections in crypto markets.

Selig added that the CFTC would support President Donald Trump’s crypto policy goals through its existing legal powers. His comments suggest the agency intends to keep developing rules even without new legislation from Congress.

SEC Chairman Paul Atkins delivered a similar message. He thanked government officials, lawmakers, investors and industry participants who had worked on the Clarity Act before stating that the SEC would continue acting within its statutory authority.

“Atkins wrote that the agency would act decisively, with or without legislation, to provide certainty for investors and entrepreneurs involved in the digital asset sector.”

The comments came one day after the Senate voted 49–50 on a procedural motion to move the Clarity Act forward. The bill needed 60 votes to advance but failed to reach that threshold.

The legislation aims to create a federal framework for crypto markets while defining the responsibilities of the SEC and CFTC. Its failure to advance leaves regulators relying on their current powers as lawmakers continue debating the bill.

A return to the Senate floor remains possible, although the limited legislative calendar makes another vote this year uncertain.

Selig had already outlined plans for regulatory action in August. He directed CFTC staff to examine rules for crypto exchanges and leveraged trading, while also asking officials to work with developers on ways blockchain-based financial protocols could operate legally in the United States.

Despite supporting agency action, Selig previously said legislation was his preferred route because a law would provide a framework that future administrations would find harder to reverse.

Atkins had also prepared for the possibility of congressional inaction. In late July, he said the SEC was ready to create crypto rules if the Clarity Act failed. The agency subsequently released proposed industry rules in mid-August under the “Regulation Crypto Assets” framework.

The Senate negotiations had included disagreements over ethics restrictions, developer protections and rewards linked to stablecoins. Republicans said they had adopted 126 substantive changes requested by Democrats, while Democrats continued seeking tighter restrictions on public officials’ crypto interests and revisions to other provisions.

With the bill stalled, the SEC and CFTC are now signaling that their regulatory work will continue, even as Congress considers whether to revisit the proposed market structure framework.