- Mike Selig says the CFTC will pursue crypto rules under its existing statutory authority.
- The Senate voted 49-50 against advancing the CLARITY Act, leaving federal crypto rules unresolved.
- SEC and CFTC officials signal continued rulemaking after the CLARITY Act failed to advance.
CFTC Chairman Michael Selig said the agency will pursue crypto rules under existing authority after Tuesday’s Senate vote. The Senate voted 49-50 against advancing the CLARITY Act during Tuesday’s session on crypto regulation in Washington, D.C. Selig said Americans now deserve regulatory clarity, legal certainty and consumer protections across crypto markets.
Selig Pledges Action Under Existing Authority
Selig said the Senate vote was unfortunate Wednesday. The CFTC remains ready to issue rules for the “new frontier.” Selig said President Trump promised a future-proof crypto asset regulatory market structure.
The agency would pursue that goal using its existing statutory authorities. The statement came hours after the CLARITY Act failed to advance in the Senate. The bill needed 60 votes but received 49 votes against advancement.
Senate Vote Leaves Legislation Unresolved
The CLARITY Act sought federal rules for digital assets and definitions for commodities and securities. The bill could also have expanded CFTC jurisdiction over spot markets for digital commodities. However, Democrats raised concerns about Trump’s crypto interests and ethics provisions.
Republicans rejected a Democratic counteroffer, while Sen. Thom Tillis said the bill could still advance. One Republican Senate aide said the bill was dead. Bernstein analysts expected swift rulemaking from the SEC and CFTC. JPMorgan analysts also expected agency action.
SEC And CFTC Turn To Rulemaking
SEC Chairman Paul Atkin also said the SEC would act within its statutory authority, with or without legislation. He said the agency would seek certainty for investors and entrepreneurs.
Meanwhile, the CFTC’s existing framework rests on anti-fraud and anti-manipulation powers over digital commodity markets. The commission has used those powers in crypto enforcement actions.
Selig did not provide a specific timeline for the new framework. Proposed rules would typically face public comment before finalization, through CFTC meetings and the Federal Register. Coinbase CEO Brian Armstrong said, “The CFTC and SEC are stepping up. Go time.”
