The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are pursuing their own efforts to overhaul rules for digital asset markets, separate from congressional legislation. After the Senate narrowly rejected the Digital Asset Market Clarity Act, the agencies moved to fill regulatory gaps using administrative authority. The SEC is advancing a proposal that includes flexible registration exemptions for crypto startups, while the CFTC is reshaping market structure and has forwarded a broader proposal for White House approval.

A procedural vote in the U.S. Senate to begin consideration of the Clarity Act, a sweeping crypto regulation bill, failed to advance, prompting industry group Stand With Crypto to intensify political pressure ahead of November midterm elections. The group said it would reflect senators\' voting records in its scorecard. It called the vote a key political issue for the industry and voters and pledged to continue lobbying as partisan disagreement blocked compromise.