Just two days after the U.S. Senate failed to pass the CLARITY Act in a narrow 49-50 vote on September 15, 2026, governance of the crypto industry shifted hands. The Commodity Futures Trading Commission (CFTC) pursued an independent regulatory path by submitting a draft rule titled “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” to the Office of Information and Regulatory Affairs (OIRA) on September 17.
The draft document is currently in “prerule” status. While this marks the earliest stage of the entire drafting process at OIRA and has not yet been formally proposed to the public, its submission signals a shift in the center of gravity for U.S. crypto regulation from congressional hearing rooms to the desks of executive regulators.
Who Is at the Helm Now?
Well before the Senate vote concluded, on August 20, 2026, CFTC Chair Michael Selig had already signaled the agency’s readiness to step in using existing authorities if CLARITY Act negotiations reached an impasse. On his personal X account, Selig reiterated that the CFTC is currently “locked in and ready to ship” market rules for crypto based on existing statutory law.
A similar stance of moving independently of Congress was voiced by the Securities and Exchange Commission (SEC). Chair Paul Atkins affirmed his agency’s commitment to regulating market activity “with or without legislation” - closing the door on waiting for new bills from lawmakers.
Immediate Impact on Market Rules
Just one day after the Senate gavel sealed the defeat of the CLARITY Act, executive authority swiftly yielded regulatory relief. The CFTC released a new no-action position shielding all passive software providers in the crypto industry from enforcement action.
The SEC followed with a similar relief maneuver by announcing temporary exemptions. The exemptive relief specifically applies to platform providers facilitating on-chain trading transactions for various tokenized securities.
For market participants and application developers, this shift in legal control clarifies their lobbying coordinates. They now know exactly where to take their crypto products for regulatory certainty - no longer waiting for bill votes on Capitol Hill, but dealing directly with executive offices at the CFTC and SEC.
Reported by Cointelegraph.
Read also: Argentina Joins Global Crypto Tax Intelligence Network - Data Sharing Deadline Set for 2029
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
