SEC and CFTC to Pursue Crypto Regulation Under Existing Authority Following CLARITY Act Stagnation

CFTC Chairman Michael Selig and SEC Chairman Paul Atkins announced on September 16 that their respective agencies will continue to develop crypto market regulations using existing legal authorities. This follows the U.S. Senate's failure to advance the Digital Asset Market Clarity Act (CLARITY Act), which fell short of the 60-vote threshold required to proceed to debate. While the bill aimed to provide a comprehensive federal framework and clarify jurisdictional boundaries between the SEC and CFTC, both chairs affirmed their commitment to providing regulatory certainty for investors and innovators regardless of the legislative outcome.