The CLARITY Act fell in the Senate 49–50, missing the 60-vote threshold by 11 votes.
Two days later, the CFTC submitted its “Rules on Crypto Asset Trading and Market Regulation” to the White House for OIRA review. Chair Selig said on the day of the vote, “The commission has locked in its direction and is ready to roll out the rules.”
What does this mean: a regulatory path that doesn’t rely on congressional legislation is starting to open. The rule text is currently confidential, but the title already reveals the direction: half is about trading, custody, and settlement, and half is about the structure of trading venues and registration.
But don’t overestimate the pace. OIRA review can take up to 90 days, followed by the draft rule, a public comment period, and another White House review. A binding version may not arrive until the end of 2027.
JPMorgan’s warning: agency rules are not as stable as codified statutes—future commissions can rewrite them, and courts can challenge them.
$BTC
#CryptoRegulations
Two days later, the CFTC submitted its “Rules on Crypto Asset Trading and Market Regulation” to the White House for OIRA review. Chair Selig said on the day of the vote, “The commission has locked in its direction and is ready to roll out the rules.”
What does this mean: a regulatory path that doesn’t rely on congressional legislation is starting to open. The rule text is currently confidential, but the title already reveals the direction: half is about trading, custody, and settlement, and half is about the structure of trading venues and registration.
But don’t overestimate the pace. OIRA review can take up to 90 days, followed by the draft rule, a public comment period, and another White House review. A binding version may not arrive until the end of 2027.
JPMorgan’s warning: agency rules are not as stable as codified statutes—future commissions can rewrite them, and courts can challenge them.
$BTC
#CryptoRegulations
