[REVISION HISTORY]

US regulators advance crypto frameworks after Senate failure

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2026-10-26 18:24 UTC → 2026-10-28 03:04 UTC · added ~~removed~~

US ~~Senate fails to advance CLARITY Act;~~ regulators ~~move to r~~ advance crypto frameworks after Senate failure

~~Prior to its~~ Following the Senate’s failure ~~on September 15, 2026,~~ to pass the Digital Asset Market Clarity Act (H.R. 3633) faced significant legislative hurdles. Negotiations were complicated by debates over ethics provisions and stablecoin regulations, with Senator Ruben Gallego warning against rushing a vote. Senator Cynthia Lummis accused financial institutions of obstructing the bill to protect traditional deposits from migrating to digital wallets. Lummis also used a lawsuit involving frozen Tether (USDT) tokens to advocate for Section 305 of the Act, which would allow companies to temporarily delay transactions for law enforcement requests to avoid litigation. Following the Senate’s failure to reach the 60-vote threshold, on September 15, 2026, federal regulators have ~~moved~~ accelerated independent rulemaking to ~~expand oversight using existing authorities. On September 23, the White House attributed~~ address jurisdictional gaps. SEC Chair Paul Atkins has reaffirmed the ~~bill’s failure~~ agency’s commitment to ~~opposition~~ establishing a comprehensive regulatory framework for digital assets. Moving away from ~~major banks. In response,~~ the ~~CFTC announced it would proceed with establishing cryptocurrency market rules independently. CFTC Chairman Mike Selig stated~~ enforcement-heavy strategies of his predecessors, Atkins signaled that the ~~agency intends to use~~ SEC will utilize its ~~existing statutory~~ own rulemaking authority to ~~‘continue to ship rules’ rather than waiting for congressional action, famously noting, “we go to war with the statute we’ve got.” By late October, the SEC and CFTC issued updated guidance~~ provide market clarity and ~~proposals. The SEC introduced an ‘Innovation Exemption’~~ expressed support for ~~certain tokenized U.S. stocks and a ‘Regulation~~ the White House Crypto ~~Assets’ framework. SEC Chair Paul Atkins reaffirmed a commitment~~ Council’s efforts to ~~rulemaking over enforcement.~~ strengthen the U.S. position in the sector. Simultaneously, the CFTC is advancing a voluntary federal registration pathway for cryptocurrency exchanges through its proposed ‘CTX’ rules. Under this framework, the agency would create a new category of designated contract market (DCM) known as a ‘crypto asset market’ ~~(CAM) category under its ‘CTX’ rules.~~ (CAM). This ~~framework seeks~~ pathway is designed to provide ~~a voluntary federal registration pathway~~ uniform national oversight for exchanges offering retail customers the ability to ~~ensure protections similar~~ trade crypto assets on a margined, leveraged, or financed basis. While the CAM framework aims to ~~American derivatives markets, though~~ extend derivatives-market safeguards—including market surveillance, anti-manipulation, and proof-of-reserves controls—to eligible platforms, it does not currently extend to ‘ordinary spot crypto exchanges,’ which would likely remain under state money transmission laws. CFTC Chairman Michael Selig noted ~~a universal requirement for all assets would still require~~ that while the agency lacks the congressional ~~action.~~ authority to mandate registration, the voluntary pathway serves to prevent market failures similar to the FTX collapse. Public comments on the CFTC proposal are expected by December 14, 2026.

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