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The U.S. Digital Chamber of Commerce urges Congress to pass standalone legislation before adjourning, granting the CFTC regulatory authority over crypto exchanges and strengthening the segregation of client funds; Lummis states that the Clarity Act provides legal backing for freezing suspicious transactions.
According to The Block, JPMorgan analysts including Nikolaos Panigirtzoglou stated in Wednesday's report that recent actions by U.S. regulators are partially offsetting the adverse impact of the Senate's failure to advance the Clarity Act, but until a crypto market structure bill is enacted, the political and legal risk premium will persist. Analysts note that regulator-driven measures could encourage institutional participation in the short term, but only legislation can ensure a more durable regulatory framework. If the Democratic Party wins the White House, existing regulatory measures could be overturned within as little as two years. The bill is unlikely to pass this year and may instead be put back on the agenda in 2027.
Odaily reports: Bitcoin News posted on X stating that, with the Clarity Act stalled, regulators are crafting digital asset market rules on their own under existing authority. The U.S. Commodity Futures Trading Commission has sought comment on a retail digital asset trading framework, including the addition of a new "crypto asset market" exchange category, with the comment period closing on December 14; the U.S. Securities and Exchange Commission's comment window for its proposed Regulation Crypto Assets will close on October 20. Regulators are moving faster than Congress on rulemaking, but the rules may face court challenges or be revoked by future commissions; a durable regulatory framework still requires legislation.
Odaily reports: Michael Passalacqua, Senior Counsel to CFTC Chairman Mike Selig and head of the Innovation Working Group, introduced that after the Clarity Act stalled, the CFTC's Reg CAM, or "crypto asset market" framework, aims to provide crypto asset trading platforms with a path to voluntarily opt into CFTC-led unified national regulation. The arrangement is mainly targeted at platforms offering retail customers leveraged, margin, or financed trading, enabling them to escape the patchwork regulatory landscape of state money transmission licenses; pure spot trading without leverage generally remains outside this mandatory framework. Passalacqua said the rulemaking is currently in the public comment phase, and whether the industry finds the proposal attractive remains undetermined.
U.S. SEC Chair Paul Atkins stated that despite setbacks in the U.S. legislative process and leadership changes, the SEC will continue to advance a comprehensive crypto market structure. Previously, the Digital Asset Market Clarity Act failed to clear the Senate's 60-vote procedural threshold on September 15, shifting the policy focus to federal regulators using existing authorities to provide regulatory clarity. During Atkins' tenure, the SEC announced interim regulatory exemptions in September to ease certain tokenized stock trading; Patrick Witt, executive director of the White House crypto council, departed, having previously participated in CLARITY Act negotiations.
Odaily News: Fairshake-affiliated entities Defend American Jobs and Protect Progress have spent a combined $2.7 million to support Democratic and Republican candidates running for U.S. House seats in 2026. The spending comes 22 days before the U.S. midterm elections.The expenditures include over $76,000 in supportive advertising for House Majority Whip Tom Emmer and $73,000 for House Agriculture Committee Chairman Glenn Thompson; California Representative Pete Aguilar and New Jersey Representative Josh Gottheimer received $512,000 and $500,000 in support, respectively.Fairshake announced days ago that it plans to support 32 additional House candidates in 2026, with 6 of them each receiving $1 million in supportive media placements. As of August, Fairshake held $122 million in cash and planned to allocate at least $30 million in media spending to oppose Sherrod Brown's run for the Ohio Senate seat.All of the aforementioned candidates voted in 2025 to support the Digital Asset Market Clarity Act (CLARITY Act). The bill aims to establish market structure rules for cryptocurrencies and expand the U.S. Commodity Futures Trading Commission's (CFTC) regulatory enforcement authority, but it failed a Senate procedural vote in September. (Cointelegraph)
US crypto regulatory legislation has stalled, shifting the focus of authority to the SEC and CFTC, as regulators accelerate the rollout of new rules to fill the gap. The industry believes that while this move can accelerate commercial innovation, it also preserves a regulatory advantage for existing giants like Coinbase.
Odaily News: Initiatives by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) may drive the expansion of regulated on-chain trading and boost institutional participation.Legal experts say the regulatory framework is expected to advance gradually, but gaps remain that will need to be addressed by the U.S. Congress. Crypto industry executives believe that the failure of the Clarity Act to pass will create opportunities for decentralized finance (DeFi), but established exchanges may continue to maintain a competitive advantage. (CoinDesk)
According to Cointelegraph, House Financial Services Committee Chair French Hill noted that the regulatory measures for crypto assets currently implemented by the SEC and CFTC lack the long-term stability granted by congressional legislation, and overall fall short of the standards set by the Clarity Act.
former federal prosecutor Renato Mariotti pointed out that the SEC's crypto asset FAQ, published on September 25 and updated on September 28, is merely non-binding staff guidance that can serve as a reference but is not a "protective charm." The FAQ, issued by the SEC's Division of Corporation Finance, addresses topics including staking receipt tokens, decentralized network buyback programs, and how marketing communications fit into the Howey test, but it does not name any specific assets or protocols and only provides principle-based statements. Mariotti stated that the FAQ only reflects the views of SEC staff, has not been formally approved by the Commission, and carries no legal force; since the rule proposed on August 18 has not yet been finalized and the Clarity Act is stalled in Congress, industry participants still need to rely on staff commentary to make their own judgments regarding disclosure and token design.
According to Cointelegraph, the crypto political action committee Fairshake, backed by Coinbase, Ripple Labs, and Andreessen Horowitz, announced it will fund 32 House candidates in the 2026 U.S. midterm elections, including 19 Republicans and 13 Democrats. As an initial round, Fairshake will contribute $1 million each to the campaigns of six of these candidates, totaling $6 million. All 32 candidates previously voted in 2025 to advance the Digital Asset Market Clarity Act (CLARITY Act). The bill had earlier failed to pass a crucial procedural vote in the Senate, and its subsequent progress remains uncertain.
The U.S. Senate rejected the Clarity for Digital Assets Act, which aimed to expand the CFTC's authority, but CFTC Chair Michael Selig announced that it would execute the presidential directive to unilaterally introduce new regulatory rules in the absence of new legislation.
Despite the U.S. Senate shelving the Clarity Act, cryptocurrency M&A activity has still hit a record high. Deal parties are assessing the actual impact of regulatory uncertainty on existing transactions.
The U.S. Senate failed to advance the Digital Asset Market Clarity Act, with the retirement of key lawmakers making it impossible to revive this 635-page bill, backed by both Wall Street and the crypto industry, before the end of the year, leaving the crypto regulatory framework facing a complete reset.
the U.S. Senate recently failed to advance the 635-page Digital Asset Market Clarity Act (Clarity Act), which aims to establish a regulatory framework for digital asset market structure.The bill sought to legally classify crypto tokens, set licensing requirements for trading-related businesses, and delineate the regulatory jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). (CoinDesk)
HPC recommends that the EU adjust MiCA based on the existing financial regulatory framework, and advocates bringing on-chain perpetual contracts under MiFID II regulation.
Data shows that the cryptocurrency industry spent over $13 million in the first half of 2026, with approximately $8 million specifically dedicated to lobbying for the Clear Act. Despite the heavy spending, the bill has yet to pass the Senate.
Odaily News: Last week, no Democratic senators in the U.S. Senate voted to advance the Clarity Act, and the bill failed to move to the next procedural step. The bill was intended to establish regulatory rules for digital assets and aimed to reduce everyday transaction costs in the United States. (CoinDesk)
According to Crypto in America, former CFTC Chair Russ Behnam stated at the Georgetown University conference on financial market quality that as prediction markets experience explosive growth, Congress urgently needs to clarify the boundary between risk management and gambling, with related litigation potentially ultimately reaching the U.S. Supreme Court. Behnam also noted that after the Clarity Act failed to advance in the Senate, relying on existing authority to regulate the spot market leaves the CFTC effectively “patching things together with tape and paperclips,” and regulators urgently need to establish more durable rules.
Odaily reports: The U.S. Senate failed to pass a key procedural vote on the Digital Asset Market Clarity Act, leaving the bill's future uncertain. The bill aims to clarify the division of regulatory authority over the crypto market between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).The two parties failed to reach agreement on ethics provisions that would restrict the crypto business ties of the President and senior government officials. Disagreements over stablecoin yield, decentralized finance risks, and the bill's text, combined with the approaching midterm elections, are all affecting the bill's advancement. (CoinDesk)