Key Takeaways

• CFTC Chairman Michael Selig said the agency is “ready to ship” crypto rules using its existing statutory authority.

• The Senate rejected a motion to advance the CLARITY Act by 49 votes to 50, well short of the 60-vote threshold.

• Crypto supporters reacted positively, though agency-led regulations could face legal challenges without new legislation.

Commodity Futures Trading Commission Chairman Michael Selig said the agency is prepared to move forward with new crypto regulations after the Senate blocked the CLARITY Act on Tuesday.

CLARITY Act Plan B?

Posting on X on Wednesday, Selig said: “The outcome of yesterday’s Senate vote was unfortunate.”