U.S. Senate Stalls Clarity Act, Leaving SEC and CFTC to Drive Crypto Rulemaking

GoldNews, citing POLITICO, reports that the U.S. Senate on Tuesday failed to move forward with the Clarity Act (Digital Asset Market Structure Act), effectively placing the SEC and CFTC at the center of federal crypto oversight. SEC Chair Paul Atkins and CFTC Chair Michael Selig have spent months preparing for a shift toward agency-led regulation. Selig said the CFTC will rely on its existing statutory authorities, adding, \u0022The CFTC is fully prepared and ready to roll out rules for the new financial frontier.\u0022 Atkins signaled the SEC will proceed regardless of congressional action, stating, \u0022Whether or not legislation passes, we will act decisively within the SEC\u0027s statutory authority.\u0022 Senate Banking Committee Chairman Tim Scott said the two regulators should now set clear digital-asset rules ahead of any eventual legislation from Congress. The report notes that rules issued without explicit legislative support are more exposed to court challenges and could face reversal under a future Democratic administration. With rulemaking typically taking 18 to 24 months, agencies would need to finish ahead of the 2028 election. Democrats remain wary of what they see as a pro-crypto posture at both agencies.