Former CFTC Chair Says U.S. Crypto Rules Can Progress After CLARITY Act Stalls

Former Commodity Futures Trading Commission Chairman J. Christopher Giancarlo told journalist Eleanor Terrett that U.S. regulators can continue building crypto rules even though the Senate failed to advance the Digital Asset Market Clarity Act (CLARITY Act) in a 49‑50 procedural vote.

Senate vote blocks CLARITY Act

The Senate cloture motion on H.R. 3633 fell short of the 60 votes needed, recording 49 in favor and 50 against. The bill would have created a statutory division of responsibilities between the SEC and CFTC and established registration routes for exchanges, brokers and dealers.

Regulators prepared to act

Giancarlo said SEC Chair Paul Atkins and CFTC Chair Michael Selig are ready to use their agencies’ existing powers to craft digital‑asset frameworks. He praised their determination to put in place “sound regulatory frameworks” that support innovation and market modernization under U.S. law.

Industry response

• Coinbase CEO Brian Armstrong said the industry can’t wait for Congress and urged regulators to move forward.
• Ripple CEO Brad Garlinghouse called the vote “a sting” and asked the agencies to fill the legislative gap.
• Senate Banking Committee Chair Tim Scott urged the SEC and CFTC to set clear rules while Congress works on legislation.

Agency rulemaking efforts

The SEC has already issued a 402‑page proposal called “Regulation Crypto Assets,” which includes registration exemptions and a conditional safe harbor for certain crypto‑asset investment contracts. The CFTC has also prepared market‑structure proposals that could be implemented under its current authority.

Future of the CLARITY Act

The bill remains on the Senate calendar, and some senators indicated it could be reconsidered in a lame‑duck session, though others described it as “mostly dead.”