Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are moving to independently advance rules for the digital asset market.
This follows the U.S. Senate's September 15 vote to block the key Digital Asset Market Clarity Act (H.R. 3633). The bill fell short, with a 49–50 vote, amid disagreements over government officials' crypto holdings and stablecoin regulation.
Lawmakers' failure to pass the act left the industry without clear guidance ahead of the November midterm elections. In these circumstances, regulators have signaled that they intend to fill the legal vacuum using the administrative resources available to them.
Welcome to another week of crypto building w/out constraints of Clarity Act… SEC & CFTC already guiding the way. Two years to upgrade financial system. If last week is any indication, the politicians who voted against Clarity will be paying w/ stablecoins & trading tokenized…
Without waiting for a compromise on Capitol Hill, the agencies have stepped up their own rulemaking efforts:
The bill's failure prompted leadership changes at major industry groups. Blockchain Association CEO Summer Mersinger announced that she would leave her post on October 16; Kristin Smith will succeed her.
At the same time, major crypto firms are stepping up their direct influence on the electoral process. Coinbase CEO Brian Armstrong and the Stand With Crypto alliance have launched a voter mobilization campaign, presenting fintech development as a bipartisan national security issue.
Financial markets, meanwhile, have responded to the regulatory shifts with measured optimism. Against the backdrop of news that the SEC and CFTC are ready to take charge, Bitcoin has remained stable , trading in the $84,000–$86,000 range.
Major altcoins, including XRP and NEAR , are also holding near local price highs. Holders are counting on agency guidance to provide the market with the legal clarity it needs more quickly and smoothly than the stalled Congress can.
