The SEC and CFTC said they will move ahead with crypto rulemaking using existing authority after the U.S. Senate on Tuesday voted 49-50 against the Clarity Act, which needed 60 votes to advance. SEC Chairman Paul Atkin said, "with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors... Stay tuned." CFTC Chair Mike Selig said the agency is "locked in and ready to ship its rules for the new frontier of finance," calling the vote "unfortunate." Bernstein and JPMorgan analysts expect an "aggressive and swift" agency approach, though JPMorgan noted such rules are less durable and could face court challenges. Democrats largely opposed the bill over concerns about President Donald Trump's crypto interests and ethics provisions; Republicans rejected a Democratic counteroffer. One Senate aide said the bill is likely dead, though Sen. Thom Tillis disagrees. Coinbase CEO Brian Armstrong posted "Go time." [The Block]