Summary
- CFTC Chair Michael Selig announced the agency is prepared to implement its crypto regulations.
- SEC Chair Paul Atkins affirmed the Commission's readiness to take action regardless of legislative outcomes.
- This follows the Senate's failure to pass the Clarity Act, which needed 60 votes to move forward.
The leaders of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have vowed to continue advancing crypto regulations using their current regulatory powers after the Senate did not pass the Clarity Act.
In a recent post on X, CFTC Chair Mike Selig expressed that the agency is "locked in and ready to ship its rules for the new frontier of finance." He noted that the Senate's recent vote was disappointing, emphasizing that Americans deserve regulatory clarity, legal certainty, and consumer protections within the crypto asset markets.
Selig stated that the CFTC would assist President Donald Trump in establishing a regulatory framework for cryptocurrencies by utilizing existing statutory authorities.
— Mike Selig (@ChairmanSelig) September 16, 2026
SEC Chairman Paul Atkins echoed this determination in his own post on X, expressing gratitude to those who contributed to the Clarity Act across various sectors. He stated, "I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future," adding a call to "stay tuned."
My thanks go to everyone who put so much effort into the CLARITY Act— across the Administration, Congress, investors, and innovators. Our collective conviction that America must continue to lead is indispensable.
I have been unequivocal: with or without legislation, we will act…
— Paul Atkins (@SECPaulSAtkins) September 16, 2026
On Tuesday, the Senate voted 49–50 against a procedural motion to advance the Clarity Act, which required 60 votes to pass. This legislation aimed to create a federal framework for the crypto markets and clarify the roles of the CFTC and SEC. Although Senate leaders might consider a re-vote, the likelihood of this occurring within the current legislative session is very low.
Selig had previously outlined his plan in August, indicating that he directed his staff to explore regulations concerning crypto exchanges and the use of borrowed funds for trading. He also encouraged collaboration with developers to find legal pathways for blockchain-based financial protocols in the U.S.
While Selig preferred a legislative route to make the framework more durable against future administrations, Atkins had also indicated in late July that the SEC was prepared to act if the Clarity Act did not progress, stating the Commission was "ready, willing, and able" to establish crypto regulations if Congress failed to do so. Subsequently, the SEC proposed its regulations for the industry under a framework known as “Regulation Crypto Assets” in mid-August.
The Senate vote was influenced by disagreements over ethics restrictions, developer protections, and stablecoin rewards. Republicans claimed to have made 126 substantive changes requested by Democrats, who sought further limitations on the crypto holdings of public officials and modifications to other aspects of the legislation.