SEC, CFTC prepare crypto rules as Clarity Act stalls

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The SEC and CFTC are preparing to advance crypto rules using their existing powers after the Senate failed to move the Clarity Act forward.

The Senate vote failed 49-50 on Tuesday, falling short of the 60 votes needed to advance the bill. SEC Chair Paul Atkins and CFTC Chair Mike Selig both said their agencies would continue working on crypto regulation.

Atkins said the SEC would act “with or without legislation”, while Selig said the CFTC was ready to develop rules for digital assets.