U.S. regulators rush to write crypto rulebook after Clarity Act stalls in Senate
State and federal regulators are rushing to fill the void after comprehensive crypto rules failed to clear the Senate.
TL;DR
- Federal regulators, including the SEC and CFTC, are developing cryptocurrency rules after the Clarity Act stalled in the Senate.
- The SEC has issued temporary rules for tokenized stock trading, potentially enabling 24/7 trading.
- The CFTC has submitted a crypto rulemaking proposal for White House review.
- Industry leaders like Coinbase CEO Brian Armstrong and Blockchain Association CEO Summer Mersinger are calling for regulatory certainty to boost investment and integration with traditional finance.
- States are also seeking to regulate the crypto asset class, with a coalition of attorneys general urging the Senate to preserve states' abilities to regulate securities markets.
- Some experts believe capital market regulation should be at the federal level, while states are effective in stopping fraud and scams.
- Senator Thom Tillis has revised his vote to oppose the Clarity Act, allowing for a motion to reconsider the legislation.