Crypto regulatory affairs: SEC and CFTC push cryptoasset rulemaking in wake of failed CLARITY vote - Elliptic

The failure of the CLARITY vote has not stalled cryptoasset regulation in the United States. According to Elliptic, both the SEC and the CFTC are pressing ahead with their own rulemaking efforts, suggesting that federal agencies intend to shape crypto oversight through the regulatory process rather than waiting on legislative action.

For markets, this shifts the focus from Congress to the agencies. Rules crafted by the SEC and CFTC can move faster than bills, but they may also face legal challenges and can be revised or replaced as leadership changes. That creates a degree of policy uncertainty that tends to weigh on sentiment and complicates compliance planning for exchanges, token issuers and brokers operating in the US.

What to watch: the substance and timing of proposed rules, how the two agencies divide jurisdiction over digital assets, and whether industry participants push back through public comment or litigation. Each of these signals how quickly a clearer federal framework may emerge.