Crypto industry turns to US regulators after CLARITY setback

Crypto industry leaders are looking to US financial regulators to fill the regulatory gap after the Senate on Tuesday failed to advance a major crypto bill establishing a regulatory framework for digital assets. The Senate voted 49-50 on a motion to invoke cloture and advance the CLARITY Act, short of the 60 votes needed. Industry executives said the result was a disappointment, but pointed to potential rulemaking from the US Securities and Exchange Commission and Commodity Futures Trading Commission as the next best potential source of clarity. Source: Brian Armstrong“There is still reason for optimism for crypto in the United States. Now, the SEC, under Chair Atkins, and the CFTC, under Chair Selig, will continue to work hard to issue rules to fill the legislative gap and we will continue to be actively engaged in that rulemaking process,” said Ripple CEO Brad Garlinghouse on X. At the Solana Policy Institute Summit on Monday, SEC Chair Paul Atkins again committed to delivering clearer crypto rules with or without legislative support. However, there’s concern that this solution may only grant temporary reprieve for the industry. “Rejecting the bill leaves firms completely depende...