- The Digital Asset Market CLARITY Act failed a Senate procedural vote 50-49 on September 15, 2026, falling ten votes short of the 60 needed to advance.
- CFTC Chairman Mike Selig is now developing a voluntary federal registration pathway for crypto exchanges in place of the stalled legislation.
- On October 13, the CFTC published a notice seeking public comment on two proposed frameworks: Regulation CTX and Regulation CAM.
- Public comments are accepted until December 14, 2026; neither framework has been formally adopted.
Commodity Futures Trading Commission (CFTC) is pushing forward its plan for voluntary federal registration system for cryptocurrency exchanges following the failure of Digital Asset Market CLARITY Act, which was voted down during a crucial Senate practical vote on September 15, 2026.
Crypto markets deserve the same time-tested protections that have governed America’s derivatives markets for generations.
While Congress has yet to act, the @CFTC is advancing a voluntary federal registration pathway for crypto exchanges, bringing them closer to the gold standard of American market oversight. @BloombergTV @tylerskendall
— Mike Selig (@ChairmanSelig) October 26, 2026
The law, which would divide regulation of digital currencies between the CFTC and the SEC, passed through the Senate Banking Committee in May 2026 but could not receive the required 60 votes in the Senate, passing only with 50 to 49 votes.
Chairman Selig Outlines Voluntary Path Forward
CFTC Chairman Mike Selig told Bloomberg TV that the agency is building a intentional federal registration pathway for crypto exchanges, noting that the CFTC cannot induce every platform to register under existing law.
Selig said he was very dissatisfied that Congress did not send the bill to the president’s desk. The bill remains on the Senate legislative calendar and was not formally executed by the procedural setback, leaving open a future revival.
Two Proposed Frameworks Now Open For Comment
In a press release dated October 13, the CFTC gave an advance notice of proposed rulemaking concerning the applicability of current commodity laws to leveraged retail crypto transactions and the platforms providing the services.
The notice outlined two potential regulatory structures; Regulation Crypto Asset Transactions (CTX), dealing with consumer protection and transaction rules, and Regulation Crypto Asset Markets (CAM), dealing with exchange rules and market integrity. Public comment on the matter will be available until December 14, 2026.
Selig Quotes FTX Crash Example
Selig added that the purpose of the CFTC was to strengthen consumer protection as well as aligning the crypto transactions with the principles currently in use in traditional derivatives markets. He gave a perfect example of the FTX crash and the imprisonment of its founder Sam Bankman-Fried, as one of the outcomes of a lack of regulations.
In accordance with the CLARITY Act, the CFTC had the mandate to regulate digital commodities while the SEC regulated tokens operating as investment contracts.
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