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THE CLARITY ACT MAY HAVE HIT A ROADBLOCK — BUT U.S. CRYPTO REGULATION IS NOT STANDING STILL

The biggest takeaway from the latest U.S. crypto regulatory developments is that the failure or delay of congressional legislation does not necessarily mean regulatory paralysis.

Instead, the focus appears to be shifting from Congress to the regulators themselves.

As debate around the Digital Asset Market Clarity Act (CLARITY Act) faces political and procedural obstacles, the Trump administration has signaled that federal agencies should make use of their existing statutory authority to provide greater clarity for the digital-asset industry.

That could mark a significant change in how the U.S. crypto market evolves.

Rather than waiting for Congress to establish an entirely new framework, the SEC and CFTC are increasingly looking toward rulemaking, registration pathways, and existing enforcement powers to shape the market.

CFTC Moves Toward a New Crypto Market Category

One of the most important developments comes from CFTC Chairman Michael Selig.

Speaking at a Fordham University seminar focused on blockchain and financial regulation, Selig outlined a framework that could allow certain crypto businesses to operate under a more unified federal regulatory structure.

The CFTC has proposed a rulemaking initiative referred to as “CTX,” under which cryptocurrency companies offering leveraged or margin trading products to retail customers could potentially choose to operate under federal CFTC oversight.

The broader objective is straightforward:

Create a clearer federal compliance pathway without forcing crypto companies to navigate a complicated patchwork of state-by-state money transmission requirements.

Even more significant is the proposed creation of a new “crypto asset market” category within the CFTC’s existing Designated Contract Market, or DCM, framework.

If implemented, this could give eligible crypto trading platforms a more clearly defined route toward regulatory registration.

That is important because one of the biggest problems facing the U.S. crypto industry has been uncertainty over exactly which regulator, rules, and registration framework should apply to different digital-asset activities.

But Spot Crypto Is Still a Different Story

There is an important limitation.

The proposed framework does not simply transform every cryptocurrency exchange into a federally regulated CFTC venue.

Ordinary spot cryptocurrency exchanges would remain outside this specific framework and could continue to face state-level regulatory requirements.

However, the CFTC would still retain anti-fraud and anti-market-manipulation authority over relevant spot-market activities involving assets such as Bitcoin.

This distinction matters.

The emerging framework appears less focused on creating one universal crypto rulebook and more focused on establishing specific federal jurisdiction over specific market activities.

SEC Is Also Moving

The CFTC is not acting alone.

The SEC previously moved toward a more flexible approach by introducing a customized securities-issuance mechanism, signaling that the agency is also attempting to modernize its regulatory approach without necessarily waiting for Congress.

Together, these developments suggest that the SEC and CFTC may be moving toward greater coordination.

The message to the crypto industry is becoming clearer:

Regulatory uncertainty may be reduced through agency action even if comprehensive legislation remains stuck in Congress.

David Tawil of ProChain Capital has argued that political opponents of the CLARITY Act may have underestimated the executive branch's willingness and ability to act without waiting for a new law.

That creates what could be described as an “executive-first” regulatory strategy.

The Biggest Risk: Who Will Enforce the Rules?

There is, however, a major weakness in this approach.

Regulatory power is only as durable as the institutions exercising it.

The SEC is currently facing a significant leadership transition following Hester Peirce's departure after completing her term. Meanwhile, the CFTC is operating with Michael Selig effectively carrying the commission's leadership.

The administration has indicated that new commissioners could be nominated, but the lack of a fully staffed leadership structure raises questions about how quickly and consistently these policies can be implemented.

More importantly, aggressive regulatory actions taken through existing statutory authority could face legal challenges, political opposition, or questions about the limits of agency jurisdiction.

What Does This Mean for Crypto?

For the crypto market, I see this as a mixed but potentially important development.

Positive:
More clearly defined federal pathways could encourage institutional participation, improve compliance standards, and reduce uncertainty for legitimate crypto businesses.

Negative:
If regulators expand their authority without strong congressional backing, the industry could face another period of uncertainty as companies wait to see whether new rules survive political and judicial challenges.

So, while the CLARITY Act may be facing resistance, the regulatory battle itself is far from over.

In fact, it may be entering a more important phase.

The next chapter of U.S. crypto regulation may not be written by Congress alone.

It could be shaped through CFTC rulemaking, SEC policy changes, executive action, enforcement decisions, and ultimately the courts.

For crypto investors and companies, the key question is no longer simply:

“Will Congress pass CLARITY?”

The bigger question is:

“How much regulatory clarity can U.S. agencies create before Congress acts — and how durable will those rules be?”

That answer could have a major influence on the next stage of America's crypto market.

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