SEC Chairman Paul Atkins says the Securities and Exchange Commission will continue pursuing crypto rules using its existing legal authority, after the US Senate failed to advance the CLARITY Act. The Senate voted 49-50 on September 15 on the procedural motion to move the bill forward, falling short of the 60 votes required.
A day later, Atkins said the SEC would act “with or without” legislation to provide greater certainty for investors and crypto businesses. The comments signal that the agency intends to continue its crypto rulemaking programme while Congress considers the broader regulatory framework.
My thanks go to everyone who put so much effort into the CLARITY Act— across the Administration, Congress, investors, and innovators. Our collective conviction that America must continue to lead is indispensable.
I have been unequivocal: with or without legislation, we will act…
— Paul Atkins (@SECPaulSAtkins) September 16, 2026
Atkins made the comments in a September 16 post on X, thanking people in the administration, Congress, investment industry and technology sector who had worked on the legislation. He said the SEC would act within the authority given to it by existing law.
The CLARITY Act was not decided by the Senate vote. The motion to move forward with the bill was defeated 49–50 in the vote on whether to invoke cloture. However, the outcome stops the legislation from proceeding at this point.
The CLARITY Act aims to define the roles of the SEC and the Commodity Futures Trading Commission, or CFTC, and to create a federal market-structure framework for digital assets. The agencies continue to have a significant role in determining the regulations that govern the sector since it was unable to overcome the procedural obstacle.
The SEC had already started developing its own crypto framework before the Senate vote. In August, the agency proposed Regulation Crypto Assets, a tailored securities offering regime for certain investment contracts involving crypto assets. The proposal is intended to create clearer pathways for crypto companies seeking to raise capital while remaining within federal securities law.
Atkins has described the broader programme as an effort to develop fit-for-purpose rules for crypto markets. The SEC’s agenda includes possible exemptions and safe harbours designed for certain crypto projects, as well as changes intended to make it easier for businesses to operate within the securities-law framework.
The agency also took a major step in March when the SEC and CFTC jointly issued an interpretation explaining how federal securities laws apply to different types of crypto assets and transactions. The interpretation created categories including digital commodities, digital collectibles, digital tools, payment stablecoins and digital securities, while also addressing when a crypto asset can become part of an investment contract and when that relationship can end.
Atkins again highlighted this approach in remarks on September 14, saying that the SEC’s crypto programme would continue regardless of the outcome of the congressional legislation. He also said Congress should advance the CLARITY Act, while stressing that the administration would continue its regulatory work in the meantime.
CFTC Chairman Michael Selig has made a similar point. After the Senate vote, he said the CFTC would continue working under its existing statutory authority. This means both agencies can pursue regulatory initiatives even while Congress works on legislation that could eventually establish a more permanent market-structure framework.
The distinction is important for the crypto industry. Agency rules and interpretations can address specific issues using existing legal powers, but legislation can establish a broader statutory framework and define regulators’ responsibilities more directly.
For now, the Senate setback has therefore not stopped US crypto regulation. Instead, it leaves the SEC and CFTC continuing their work under existing authority while lawmakers consider what comes next for the CLARITY Act.
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