Crypto Industry Turns to SEC and CFTC After CLARITY Act Stalls in Senate

The US crypto industry is pivoting toward financial regulators after the CLARITY Act, a landmark bill that would have established a federal framework for digital assets, failed to advance in the Senate on Tuesday. Lawmakers voted 49-50 on a motion to invoke cloture—falling well short of the 60 votes required—with Democrats citing concerns over President Donald Trump's personal crypto investments. Industry executives described the outcome as disappointing but signaled that rulemaking from the Securities and Exchange Commission and the Commodity Futures Trading Commission could deliver the regulatory clarity that legislation failed to.

Speaking to Cointelegraph's Chain Reaction before the vote, Fireblocks US policy director Jessica Martinez said the firm would keep engaging with the SEC and CFTC regardless of the bill's fate. Ripple CEO Brad Garlinghouse echoed that optimism after the vote, saying US regulators would "continue to work hard to issue rules to fill the legislative gap." Their confidence is underpinned by SEC Chair Paul Atkins, who reiterated his commitment to clearer crypto rules at the Solana Policy Institute Summit on Monday. However, some executives warned that agency guidance lacks the durability of statute.

"Rejecting the bill leaves firms completely dependent on agency guidance and ongoing administrative discretion," said NEAR chief legal officer Abhishek Vaidyanathan, noting that firms planning 2027 budgets face prolonged uncertainty and case-by-case legal exposure. Bitget Wallet COO Alvin Kan added that the failure sustains "continued uncertainty over how securities, commodities and money-transmission rules apply across different products."

Despite the setback, the CLARITY Act is not dead. Senator Thom Tillis moved to reconsider Tuesday's failed cloture vote, opening a procedural path for a renewed attempt. Industry voices remain divided on timing, with 1inch describing the result as "a delay, not a verdict" and noting that legislation of that scale rarely moves in a straight line. Whether Congress revisits the bill before the session ends or hands the file permanently to regulators will shape how US crypto firms plan, hire, and price risk into 2027.