Former CFTC chair says US crypto rules can advance despite CLARITY Act failure

Former Commodity Futures Trading Commission Chairman J. Christopher Giancarlo has said U.S. regulators can continue building crypto rules after the Senate failed to advance the CLARITY Act in a 49-50 procedural vote. Summary The CLARITY Act failed to advance after a 49 to 50 Senate cloture vote fell 11 votes short of the required 60. Former CFTC Chair J. Christopher Giancarlo said the SEC and CFTC can continue developing crypto rules under their existing authority. Coinbase, Ripple and Senate Banking Chair Tim Scott called for regulators to provide clearer digital asset rules while Congress remains divided. The SEC and CFTC have already been working on crypto frameworks that could proceed without passage of the CLARITY Act. Giancarlo told journalist Eleanor Terrett on Sept. 16 that Securities and Exchange Commission Chairman Paul Atkins and CFTC Chairman Michael Selig remain prepared to use their agencies’ existing powers to establish digital asset frameworks even without new legislation from Congress. “@SECPaulSAtkins and @ChairmanSelig are determined to do what their jobs require them to do and put in place sound regulatory frameworks that ensure that financial innovation, market...