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 U.S. crypto rulemaking — it has shifted where that rulemaking happens. According to Elliptic, both the SEC and the CFTC are pressing ahead with cryptoasset rulemaking following the unsuccessful vote, suggesting the agencies intend to advance their positions through their own processes rather than wait on Congress.

For market participants, the significance lies in the source of the rules. Agency-level rulemaking can move faster than legislation, but it also tends to be more exposed to legal challenge, shifting leadership priorities, and reversals. That can create uncertainty even as it produces clarity in the short term.

What to watch: the substance of each agency's proposals, particularly how they draw the line between securities and commodities, and any signals of coordination between the two regulators. For now, the takeaway is procedural — the direction of U.S. crypto oversight is increasingly being set in agency proceedings, not on the legislative floor.