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Quick Read
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The SEC and CFTC published three crypto rules within three days of the CLARITY Act’s Senate failure, but every document carries a built-in expiration.
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Solana gained the most, winning a regulated tokenized-stock venue and wallet framework, while XRP received nothing new from any of the three actions.
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JPMorgan called the agency framework ‘less durable than legislation,’ meaning one election could erase all three rules.
The Senate refused to end debate on the CLARITY Act on September 15, 2026, with 49 senators voting yes and 50 voting no, eleven short of the sixty needed. Two days later, the SEC and CFTC each published a document the industry had been asking Congress for.
Most coverage read that as Washington moving fast. It was the opposite. Both agencies had written their rules months earlier and were waiting for the Senate to finish. So the question for anyone holding XRP (CRYPTO:XRP), Bitcoin (CRYPTO:BTC) or Solana (CRYPTO:SOL) is whether agency paperwork can do the job a statute was supposed to do.
The Rules Were Written Before the Vote
Atkins went on CNBC’s Squawk Box on December 2, 2025, and promised the Innovation Exemption within weeks. “We have enough authority to drive forward,” he said. “I’m looking forward to having an innovation exemption, we’ll be able to get that out in a month or so.” He expected it to be live before the end of January and called it his top priority for the year.
It arrived nine months late. JPMorgan, Citadel and the Securities Industry and Financial Markets Association met the SEC’s crypto task force to argue against the carve-outs, and Atkins softened his language afterward. Asked directly whether the SEC would now wait for Congress to pass the bill, he answered that it would not necessarily wait.
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Michael Selig set his own trigger in public. At the CFTC’s Innovation Advisory Committee on August 20, he said he would give the CLARITY Act its breathing room for a vote, then warned that if a bipartisan product failed, he would direct staff to move swiftly and propose the rules himself. The Senate met that condition on September 15.
Source: finance.yahoo.com