The U.S. cryptocurrency industry is increasingly turning to federal regulators for clearer rules after Congress failed to advance major legislation aimed at establishing a comprehensive framework for digital assets.
With the proposed Clarity Act stalled in the Senate, agencies including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are expected to play a larger role in shaping cryptocurrency policy under President Donald Trump.
The SEC, led by Chair Paul Atkins, has been pursuing a more crypto-friendly regulatory approach, including possible exemptions and frameworks that could make it easier for digital-asset companies to raise capital and develop new blockchain-based products. The CFTC is also working on rules affecting cryptocurrency derivatives and other digital-asset markets.
However, regulatory action by federal agencies cannot fully replace legislation from Congress. Rules created through agencies could face court challenges or be reversed by a future administration, leaving businesses and investors without the long-term certainty they have sought.
The delay in the Clarity Act has therefore limited some of the industry’s expected gains from Trump’s pro-crypto agenda. While regulators may provide temporary clarity, industry executives continue to push for legislation that would establish durable rules governing cryptocurrencies and determine which assets fall under the SEC or CFTC.
For the crypto sector, the coming months could be crucial as regulators attempt to fill the legislative gap while Congress considers whether to revive broader cryptocurrency legislation.
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