SEC and CFTC to write crypto rules as Clarity Act stalls in Senate - qz.com

The SEC and CFTC are moving forward with their own crypto rulemaking as the legislative path stalls. The Clarity Act, which aimed to define whether digital assets are securities or commodities under federal law, has not advanced in the Senate. With that bill in limbo, the two agencies are now left to craft rules through their existing authorities, effectively shaping the regulatory landscape without a single comprehensive statute from Congress.

For market participants, this means regulatory guidance will come piecemeal. The SEC has jurisdiction over securities, while the CFTC oversees commodities, and each agency may adopt different definitions and disclosure standards. That could create compliance gaps or conflicting requirements for exchanges and issuers operating across both categories. Investors, meanwhile, face continued uncertainty until formal rules are published.

The key to watch is whether the agencies produce complementary frameworks or overlapping ones. Public comment periods and proposed rule texts will offer the first concrete signals. It remains possible that the Senate revisits the Clarity Act later, but for now, the regulators are writing the playbook themselves.