SEC and CFTC plans to write crypto rules without Congress – but they can’t make them permanent

CFTC Chair Michael Selig said on Aug. 4 that the agency has crypto rule proposals ready and plans to finalize them before the current administration ends, regardless of whether Congress passes the CLARITY Act.SEC Commissioner Hester Peirce has separately said the SEC can keep pursuing meaningful crypto rulemaking even if Congress fails to act.The Senate left CLARITY untouched before its August recess, and Majority Leader John Thune has filed cloture on a motion to proceed, setting up a procedural vote around Sept. 15 that would require 60 votes to advance the bill.The House already passed its own version of CLARITY, 294-134, last July.TrackWhat is happeningTimelineWhy it mattersCFTCSays crypto rule proposals are ready and will move forward even without CLARITYAug. 4 onwardShows regulators are not waiting for CongressSECSays it can continue crypto rulemaking if Congress fails to actOngoingBuilds a parallel regulatory pathSenateCLARITY left until after recess; cloture vote expectedAround Sept. 15First major post-recess test; needs 60 votesHousePassed its version of CLARITY 294-134JulyShows bipartisan momentum, but not final lawMarketBitcoin remains legally clearer than most crypto as...