The Clarity Act failed to advance in the Senate, leaving the SEC and CFTC with expanded regulatory authority over crypto.
Regulation & Gov ·
The CFTC submitted new cryptocurrency regulation rules to the White House following a procedural vote failure on the Senate's CLARITY Act. With the legislation's future uncertain, the heads of the SEC and CFTC signaled readiness to jointly develop an independent regulatory framework for the U.S. crypto market. According to reporting, Coinbase's CEO stated the CLARITY Act is no longer necessary given the agencies' capacity to establish clear rules independently.