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SEC, CFTC and Fed move to write crypto rules after Clarity Act failure

The Senate fell short of the 60-vote threshold for the Clarity Act in a 49-50 procedural vote, prompting regulators to act within 48 hours.

Reported · Written up by our desk · Regulation

For nearly two years, the crypto industry’s Washington strategy hinged on getting a market-structure law, but that approach hit a wall after the Clarity Act failed to advance in the Senate.

Decrypt reports the bill lost in a 49-50 procedural vote, well below the 60 votes needed, after months of negotiations collapsed over ethics provisions tied to President Donald Trump’s crypto ventures. Senator Cynthia Lummis, described as the lead architect, said the effort was effectively dead for the year.

After the vote, regulators shifted quickly from relying on Congress to writing rules themselves. Decrypt says that within 48 hours, federal agencies moved, with the SEC taking the first and most visible step.

Decrypt reports SEC Chairman Paul Atkins introduced a new “innovation exemption” for digital assets, describing a framework that would let qualifying venues trade tokenized U.S. stocks on-chain without registering as national securities exchanges.

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