CFTC and Strategy CEO Push Crypto Regulation Amid CLARITY Act Setback

Key Insights:

• CFTC Chairman Michael Selig says the agency can advance crypto rules under its existing statutory authority.
• Michael Saylor expects the SEC, CFTC and Treasury to continue crypto rulemaking despite the CLARITY Act setback.
• The CLARITY Act failed to advance in the Senate after a 49-50 procedural vote, falling short of 60 votes.

The U.S. crypto regulation debate is shifting toward federal agencies after the Senate failed to advance the CLARITY Act. CFTC Chairman Michael Selig said his agency intends to continue developing crypto rules using powers Congress has already granted it.

Strategy Executive Chairman Michael Saylor also expects regulators to move forward without waiting for new legislation. His comments put the CFTC, SEC and Treasury at the center of the next stage of U.S. digital asset regulation.

CLARITY Act News: CFTC Moves Ahead Under Existing Law

Selig said the Commodity Futures Trading Commission will continue work on crypto market rules despite the Senate setback. He said Americans need regulatory clarity, legal certainty and consumer protections in digital asset markets. CFTC will rely on authority Congress already gave the agency. He said the regulator stands ready to issue rules for the “new frontier of finance.”

The statement followed the Senate’s September 15 procedural vote on the CLARITY Act. Senators voted 49-50 on advancing the measure, leaving it short of the 60 votes needed for cloture. The bill seeks a broader federal framework for digital assets and a clearer division of oversight between regulators. The vote leaves the CFTC operating under current law as lawmakers consider the bill’s next steps.

Strategy CEO Sees More Bitcoin Services at Banks

Saylor said the stalled CLARITY Act does not stop regulators from developing rules under existing statutes. He expects the SEC, CFTC and Treasury to continue that work. He also expects banks to expand Bitcoin custody and Bitcoin-backed lending.

Saylor said those changes could direct more capital toward Bitcoin and other forms of digital credit as financial institutions add more digital asset services.

The Strategy CEO also cited the GENIUS Act, which established a federal framework for payment stablecoins.

Most recently, we covered that Strategy spent $139.3 million repurchasing STRC preferred shares while making no Bitcoin purchases or sales during the latest reporting week.

SEC and CFTC Rulemaking Draws More Focus

The SEC has also signaled that it plans to use its statutory authority on digital assets. SEC Chairman Paul Atkins said the agency would actwithin its existing powers with or without new legislation. That position gives both market regulators a route to continue rulemaking while Congress debates a broader market-structure framework.

Paul Atkins added, “I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future.”

Bernstein analysts expect the SEC and CFTC to focus on token classification, decentralized finance, self-custody infrastructure, and tokenized equities. They also expect to work on real-world asset perpetual futures and coordination around single-stock perpetual products.

The analysts described the expected rulemaking pace as “aggressive and swift” after months of legislative negotiations. Their forecast reflects an agency-led path while the CLARITY Act stays stalled.

CLARITY Act Still Has a Senate Path

The failed cloture vote did not automatically remove the CLARITY Act from Senate consideration. Lawmakers can return to the measure if Senate leaders secure enough support for another procedural vote. The September 15 result showed that supporters did not have the 60 votes needed to advance the bill at that stage. Further negotiations and the Senate calendar will determine whether lawmakers try again.

The vote also leaves parts of crypto regulation outside the bill unchanged. Bernstein said the failed measure leaves stablecoin rewards on idle balances under the current framework. The compromise text would have restricted such rewards and linked them to customer activity.

This article is for informational purposes only and does not constitute financial, investment or legal advice. Regulatory proposals and legislation can change during the administrative and congressional processes.

Source: www.kucoin.com