The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are pressing ahead with crypto-market rules after Congress failed to advance the CLARITY Act, using existing regulatory powers to reshape the market without waiting for new legislation.
The latest move came on September 17, when the SEC introduced its Innovation Exemption, allowing certain tokenised stocks to trade on approved blockchain-based venues under temporary, conditional exemptions. SEC Chair Paul Atkins said the measure followed Congress’ failure to advance the CLARITY Act and would help bring US capital markets onchain.
It is the latest in a series of actions by both agencies that have steadily built a regulatory framework for digital assets throughout 2026. The SEC began with its Crypto Task Force, which is tasked with defining clearer boundaries between securities and non-securities, developing tailored disclosure rules and creating pathways for crypto businesses to register.
The agency then launched Project Crypto to modernise federal securities rules for markets operating on blockchain infrastructure.
In March, the SEC and CFTC issued a joint interpretation that established a taxonomy covering digital commodities, digital collectables, digital tools, stablecoins and digital securities. The interpretation also addressed when a crypto asset can fall within an investment contract and when that relationship can end.
The agencies followed that with a memorandum of understanding designed to coordinate their oversight and reduce duplicated or conflicting requirements.
The MOU also created the Joint Harmonisation Initiative, which focuses on aligning product definitions, modernising clearing and collateral rules, reducing friction for firms regulated by both agencies and developing a regulatory framework for crypto assets and other emerging technologies.
In April, the agency established an Innovation Task Force to develop regulatory approaches for crypto assets, blockchain technology, artificial intelligence and prediction markets.
The CFTC also published crypto-related FAQs in March and updated them on September 24. The latest update addressed the use of tokenised permitted investments and blockchain technology for regulatory recordkeeping.
The agency has also taken concrete steps around crypto derivatives. In May, the CFTC approved a bitcoin perpetual contract and issued a policy statement explaining that it would review perpetual contracts on a case-by-case basis. It also allowed certain crypto perpetuals to be treated as foreign futures under specified conditions.
Together, these actions show that US regulators are no longer waiting for Congress before making practical changes to how crypto markets operate.
However, saying the CLARITY Act is now irrelevant would go too far. The SEC has previously made clear that legislation remains important for establishing durable rules, and its August proposal for Regulation Crypto Assets explicitly described congressional legislation as necessary for a lasting framework.
Agency guidance, interpretations, exemptions and rulemakings can change how crypto businesses operate today, but Congress can provide statutory authority that is more difficult for a future administration or regulator to reverse.
For now, however, the US crypto industry is getting something it has long demanded: clearer rules from regulators even as Congress remains unable to deliver comprehensive market-structure legislation. The result is a regulatory framework being built piece by piece, rather than through one sweeping crypto law.
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