SEC and CFTC advance crypto rules after Senate blocks Clarity Act
US regulators are pushing their own digital asset rulemaking after the Senate rejected the Digital Asset Market Clarity Act, leaving holders waiting for legal clarity.
Key points
- The Senate voted 49–50 on September 15 to block the Digital Asset Market Clarity Act (H.R. 3633).
- The SEC is advancing a proposed Regulation Crypto Assets with registration exemptions capped at $5 million and $75 million, with hearings through October 20.
- CFTC Chairman Michael Selig said the agency is using existing authority to shape market structure and has sent a proposal to the White House.
- The agencies coordinate under an interagency agreement, Project Crypto, that sorts digital assets into five categories.
- Bitcoin traded in the $84,000–$86,000 range, with XRP and NEAR near local highs, as U.Today reports.
The SEC and CFTC are moving ahead with their own crypto rules after the US Senate blocked the Digital Asset Market Clarity Act, U.Today reports. The two agencies are advancing digital asset regulation independently, filling a gap left by Congress ahead of November's midterm elections.
The Senate voted 49–50 on September 15 to reject H.R. 3633, the Digital Asset Market Clarity Act. Lawmakers disagreed over government officials' crypto holdings and stablecoin regulation, according to the report. The failed vote left the industry without clear guidance, and regulators have signalled they will use their administrative powers instead.
The SEC is advancing a proposed Regulation Crypto Assets, which would create flexible registration exemptions for crypto startups. The limits would be up to $5 million and $75 million, and public hearings on the proposal will continue through October 20. Commissioner Hester Peirce publicly described earlier hard-line approaches as "infantilizing investors."
Senate blocks clarity bill
At the CFTC, Chairman Michael Selig confirmed the agency is using its current authority to shape market structure. It has already updated its rules for accounting for tokenized assets and sent a comprehensive regulatory proposal to the White House for approval. The two agencies are coordinating under an interagency agreement known as Project Crypto, which divides digital assets into five categories, from digital commodities to securities.
The legislative failure also prompted leadership changes at industry groups. Blockchain Association CEO Summer Mersinger said she would leave her post on October 16, with Kristin Smith named as her successor. Major crypto firms are meanwhile increasing their direct influence on the electoral process.
Coinbase CEO Brian Armstrong and the Stand With Crypto alliance launched a voter mobilisation campaign, framing fintech development as a bipartisan national security issue. Markets have reacted with measured optimism to the regulatory shift, according to the report.
Regulators fill the gap
Bitcoin remained stable, trading between $84,000 and $86,000, while major altcoins including XRP and NEAR held near local price highs. Holders are counting on agency guidance to deliver the legal clarity that the stalled Congress has not provided, and to do so more quickly and smoothly.