Melker Bengtsson
TL;DR
- CFTC updated their crypto guidance: futures brokers and clearinghouses can now put client money into tokenized versions of assets they're already allowed to hold.
- Since the CLARITY Act cloture vote failed, federal agencies have been moving quickly to cover the regulatory void. This is the fourth move.
- The agencies creating rules and guidance is great for now, but another administration can change or cancel them.
- The CLARITY Act is not dead. Since Tillis entered a motion to reconsider, a new vote remains possible.
The Commodity Futures Trading Commission (CFTC) updated their crypto guidance yesterday. Futures brokers and clearinghouses are now allowed to put client money into tokenized versions of assets they’re already allowed to hold. They’re also allowed to keep any required records on-chain.
Since the CLARITY Act cloture vote failed in the Senate on September 15th, federal agencies have been moving quickly to cover the regulatory void. This is the fourth move made by an agency so far.
Agencies Promised to Pick Up the Slack
Federal agencies were clear even before the Senate vote: they were going to pick up the slack if the CLARITY Act failed to move on to debate and, eventually, law. Paul Atkins, SEC chairman, and Michael Selig, CFTC chairman, have been very vocal about this. Michael Selig said, in a speech in August:
If CLARITY continues to stall because of Democratic obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets. We owe it to the American people to do so.
Democrats disagree. Senator Ruben Gallego (D-AZ), one of the bill’s Democratic negotiators, said after the vote:
Just as Democrats and Republicans were making progress to address ethics concerns, Republican leadership ended talks and forced a vote. They were never serious about bipartisan negotiations.
And Paul Atkins went on the record in a CNBC interview in July, saying:
We are ready, willing, and able to come out with rules that address the same issues in CLARITY.
After the failed vote, both agencies were swift to back up what they’d said before. The work was about to start.
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.
— Paul Atkins (@SECPaulSAtkins) September 16, 2026
I have been unequivocal: with or without legislation, we will act…
— Mike Selig (@ChairmanSelig) September 16, 2026
What the Agencies Have Done So Far
Yesterday’s updated crypto guidance was the latest way in which they’re doing this. It was also the smallest. On September 17th, the CFTC announced relief for “passive software” providers, a no-action position that could let crypto wallets route users to regulated derivatives without registering as brokers.
On that same day, September 17th, the SEC’s Innovation Exemption was announced. It lets approved platforms offer onchain trading of tokenized US-listed stocks without registering as exchanges. The SEC is also moving forward with Regulation Crypto Assets, a proposed fundraising framework that would let projects raise up to $75 million a year without registering the offering with the SEC.
In addition to this latest updated guidance and their passive software relief, the CFTC has been preparing a market structure rule. Its status is currently a “prerule”, which is under White House review.
The agencies creating rules and guidance is great for now, but another administration can change or cancel them. This is why both chairmen have said legislation is still needed.
The CLARITY Act is not dead. In fact, since Sen. Thom Tillis (R-NC) entered a motion to reconsider, a new vote remains possible without restarting the process. But even if it doesn’t happen, there is support for a crypto market structure act on both sides of the aisle: the House passed CLARITY 294-134, with 78 Democrats voting in favor, and seven Senate Democratic
