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CFTC Chairman Michael Selig said the agency is “ready to ship” crypto rules using its existing statutory authority.
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The Senate rejected a motion to advance the <a href="https://xpertsstudio.com/what-clarity-acts-failure-means-for-xrp-ripple-and-investors/” title=”What CLARITY Act's Failure Means for XRP, Ripple and Investors”>CLARITY Act by 49 votes to 50, well short of the 60-vote threshold.
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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.”
“Americans deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets,” he continued.
“President Trump promised to deliver a future-proof crypto asset regulatory market structure one way or the other, and we will help him get the job done using our existing statutory authorities.”
Selig ended the statement with an unmistakably defiant message:
“The U.S. is and will remain the crypto capital of the world. The CFTC is locked in and ready to ship its rules for the new frontier of finance.”
Selig’s statement suggests the Trump administration will now pursue parts of its crypto agenda through agency rulemaking rather than wait for Congress to revive the bill.
That route could allow the CFTC to clarify how existing commodities laws apply to digital assets and trading platforms.
However, regulations issued without new legislation may face court challenges over whether the agency has exceeded the authority granted to it by Congress.
CLARITY Act Falls Short in Senate
The remarks came one day after senators rejected to proceed with the Clarity Act.
The motion received 49 votes in favor and 50 against, leaving it 11 votes short of the 60 needed to overcome the Senate’s cloture threshold.
One senator did not vote, according to the official Senate roll call.
Three Republicans—Susan Collins, Josh Hawley and Thom Tillis—joined Democrats and independents in opposing the motion.
Opponents raised concerns about consumer safeguards, stablecoin rewards and potential conflicts involving President Donald Trump’s crypto interests.
Supporters argued that continued legislative paralysis would preserve regulatory uncertainty and push digital-asset businesses overseas.
X Users Celebrate Selig’s Defiant Response
Early responses in response to Selig’s announcement were bullish.
Matt Hougan, Bitwise CIO, wrote: “This is one reason I think the Clarity wobble will fade.
“From a regulatory perspective, crypto was in a “heads we win big / tails we still win” situation.”
Source: finance.yahoo.com