The center of gravity in the U.S. digital asset policy debate is shifting from Congress to federal regulators after the Senate failed to advance the CLARITY Act. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said his agency intends to continue developing crypto rules using powers Congress has already granted, while Strategy Executive Chairman Michael Saylor said he expects the Securities and Exchange Commission, the CFTC and the Treasury Department to press ahead with rulemaking without waiting for new legislation. Taken together, their comments place the CFTC, SEC and Treasury at the center of the next stage of U.S. digital asset regulation.

CFTC Moves Ahead Under Existing Authority

Selig said the Commodity Futures Trading Commission will continue its work on crypto market rules despite the Senate setback, arguing that Americans need regulatory clarity, legal certainty and consumer protections in digital asset markets. The CFTC will rely on the authority Congress has already given the agency, and he said the regulator stands ready to issue rules for the “new frontier of finance.” Any rules developed under that authority would follow the standard federal rulemaking process, in which proposed rules are published for public comment before final versions are adopted.

His statement followed the Senate’s September 15 procedural vote on the CLARITY Act. Senators voted 49-50 on advancing the measure, leaving it short of the 60 votes needed for cloture, the threshold for ending debate and moving a bill toward a final vote. The bill seeks a broader federal framework for digital assets and a clearer division of oversight between regulators, since under current law the SEC oversees securities markets and the CFTC oversees commodities and derivatives markets. The result leaves the CFTC operating under current law as lawmakers weigh the bill’s next steps.

Saylor Sees Broader Bitcoin Services at Banks

Saylor said the stalled CLARITY Act does not prevent regulators from developing rules under existing statutes, and he expects the SEC, CFTC and Treasury to continue that work (post on X). He also expects banks to expand Bitcoin custody and Bitcoin-backed lending, changes he said could direct more capital toward Bitcoin and other forms of digital credit as financial institutions broaden their digital asset services.

The Strategy executive chairman also cited the GENIUS Act, which established a federal framework for payment stablecoins. Most recently, Strategy spent $139.3 million repurchasing STRC preferred shares while making no Bitcoin purchases or sales during its latest reporting week.

SEC Signals Parallel Rulemaking Path

The SEC has also signaled that it plans to use its statutory authority digital assets. Chairman Paul Atkins said the agency would act within its existing powers with or without new legislation, a position that gives both market regulators a route to continue rulemaking while Congress debates a broader market-structure framework.

“I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future,” Atkins said (on X).

Bernstein analysts expect the SEC and CFTC to focus on token classification, decentralized finance, self-custody infrastructure and tokenized equities, along with real-world asset perpetual futures and coordination around single-stock perpetual products. The analysts described the expected rulemaking pace as “aggressive and swift” after months of legislative negotiations, reflecting an agency-led path while the CLARITY Act remains stalled.

CLARITY Act Retains a Senate Path

The failed cloture vote did not automatically remove the CLARITY Act from Senate consideration. Lawmakers can return to the measure if Senate leaders secure enough support for another procedural vote. The September 15 result showed that supporters did not have the 60 votes needed to advance the bill at that stage, and further negotiations and the Senate calendar will determine whether lawmakers try again.

The vote also leaves parts of crypto regulation outside the bill unchanged. Bernstein said the failed measure leaves stablecoin rewards on idle balances under the current framework, noting that the compromise text would have restricted such rewards and linked them to customer activity.

This article is for informational purposes only and does not constitute financial, investment or legal advice. Regulatory proposals and legislation can change during the administrative and congressional processes.