U.S. Securities and Exchange Commission Chair Paul Atkins and Commodity Futures Trading Commission Chair Michael Selig issued coordinated statements affirming that their agencies will advance cryptocurrency oversight through existing statutory authority after the Senate failed to advance the Clarity Act.

The Senate rejected a procedural motion on the bill by a 49-50 vote on September 15, missing the 60 votes required to proceed. The legislation had sought to establish a comprehensive federal framework for digital asset markets and clarify the division of responsibilities between the SEC and CFTC.

Agency Commitments Follow Legislative Setback

Atkins responded the next day by thanking officials across the administration, members of Congress, investors, and innovators who had worked on the measure. He described the shared goal of preserving U.S. leadership in financial innovation as indispensable.

Selig issued a parallel message, calling the Senate outcome unfortunate while noting that the CFTC would help fulfill the administration’s commitment to a durable crypto market structure. He stated that the agency is prepared to issue rules for what he termed the new frontier of finance using authorities already available under current law.

Preparatory Steps Already Underway

Both agencies had begun laying groundwork before the vote. Selig previously directed CFTC staff to develop proposals that would create a dedicated market structure for crypto assets. Under the contemplated approach, both registered and currently unregistered trading venues could seek a status modeled on Designated Contract Markets, potentially allowing leveraged and margined products under tailored rules. Staff were also instructed to consult directly with teams developing decentralized finance protocols on pathways for compliant operation.

The SEC had already moved on related rulemaking. On September 1 the agency proposed updates to transfer agent regulations unchanged since the late 1970s. The proposal would permit registered transfer agents to use blockchain technology as the official record of securities ownership, with disclosure requirements for the platforms employed and the volume of tokenized assets administered.

Additional SEC proposals circulating at the time included potential rescission of Rule 14a-8 on the grounds that it exceeds statutory authority and amendments to Rule 14a-4(c) intended to increase flexibility for companies and shareholders in proxy voting matters.

Parallel Legislative Tracks Continue

While the Clarity Act stalled, other measures advanced. The House Ways and Means Committee approved the Digital Asset Tax Certainty Act by a 38-5 vote. That bill would eliminate capital gains tax on crypto transactions and network fees under $10, with specified exceptions, and address tax treatment of staking, mining, tokenized assets, wash sales, and broker reporting rules. It still requires full House passage and Senate consideration.

Lawmakers are also examining a Strategic Bitcoin Reserve proposal that would require the U.S. government to hold its existing Bitcoin holdings, valued at approximately $25 billion, for a period of 20 years.

The shift toward agency rulemaking means regulatory clarity for digital assets is now expected to develop primarily through SEC and CFTC actions under current statutes rather than a single comprehensive statute. Agency rules can be implemented more quickly but remain subject to future revision or legal challenge in ways that enacted legislation would not.