U.S. Regulators Move Ahead on Crypto Rules After Senate Bill Fails

After the Digital Asset Market Clarity Act failed in the Senate by a 50-49 vote, the SEC and CFTC began advancing crypto market rules under existing authority. The SEC proposed Regulation Crypto Assets with registration exemptions ranging from $5 million to $75 million and opened public comments until October 20. The CFTC revised tokenized asset accounting rules and sent a broader proposal to the White House as part of Project Crypto.

After the Senate rejected the Digital Asset Market Clarity Act 50-49, crypto firms lost anticipated legislative guidance. The SEC proposed Regulation Crypto Assets, offering registration exemptions from $5 million to $75 million, with comments open until October 20. Commissioner Hester Peirce argued the agency had been too restrictive toward investors.

The CFTC, led by Chairman Michael Selig, updated accounting treatment for tokenized assets and sent a wider plan to the White House under Project Crypto, which divides digital assets into five categories. Industry lobbying shifted: Summer Mersinger will leave the Blockchain Association on October 16, Kristin Smith will replace her, and Coinbase with Stand With Crypto launched voter outreach. Bitcoin traded around $84,000-$86,000.