CFTC and SEC Double Down on Crypto After Clarity Act Defeat

Following the Senate's failure to advance the CLARITY Act, the SEC and CFTC are taking decisive action. Michael Selig and Paul Atkins pledged to utilize existing agency powers to establish regulatory certainty for crypto. The CFTC Chairman described the Senate vote outcome as unfortunate, signaling that both agencies are prepared to move forward without Congressional approval. This shift ensures that regulatory frameworks for the crypto industry will be developed using current administrative authorities instead of new legislation.