The Commodity Futures Trading Commission and the Securities and Exchange Commission have indicated they will push forward with cryptocurrency regulations utilizing their current powers following the U.S. Senate’s failure to advance the Clarity Act, which could shift the primary venue of U.S. digital asset oversight away from Congress and directly to these regulatory bodies.
During Tuesday’s session, the Senate rejected the Clarity Act in a 49-50 vote, missing the 60-vote threshold needed for advancement, a bill that sought to establish the first comprehensive federal regulatory framework for the digital asset sector.
“Our shared belief that the United States must maintain its leadership role remains essential,” SEC Chairman Paul Atkin stated on Wednesday. “I have been crystal clear: regardless of whether new legislation passes, we will move decisively within the Commission’s existing legal mandate to provide stability for U.S. investors and the innovators building our technological tomorrow. Stay tuned.”
Similarly, CFTC Chairman Mike Selig shared a comparable update, noting that his agency is fully prepared and set to roll out regulations for this new financial frontier.
“The result of yesterday’s Senate vote is regrettable. American investors deserve legal certainty, consumer safeguards, and regulatory clarity across crypto asset markets,” CFTC Chairman Mike Selig remarked in an official statement. “President Trump pledged to secure a sustainable regulatory market structure for crypto assets by any means necessary, and we will assist him in fulfilling that promise utilizing our current statutory authority.”
Initial Aftermath
A Republican Senate staffer informed The Block’s Sarah Wynn of their belief that the legislation is finished, although other lawmakers, such as Senator Thom Tillis, maintain that the Clarity Act still has potential.
Democratic members largely opposed the measure because of anxieties surrounding President Donald Trump’s ethical concerns and crypto holdings, while Republicans turned down a counter-proposal from Democrats, leaving the future of the bill uncertain as November’s elections draw closer.
Analysts at Bernstein also anticipate that both regulators will adopt a fast and aggressive stance toward crafting crypto rules. Correspondingly, JPMorgan researchers shared this view, while pointing out that agency directives carry less permanence because upcoming administrations could alter them and they remain vulnerable to judicial challenges.
“The SEC and CFTC are stepping up. It is time for action,” expressed Coinbase CEO Brian Armstrong on Wednesday via X.
Originally published at https://www.theblock.co/news/regulation/2026-09-16-go-time-sec-cftc-prepare-push-crypto-rules-clarity-act-stalls-senate-415281.