Michael Selik (마이클 셀릭), head of the U.S. Commodity Futures Trading Commission (CFTC), said he will directly pursue a cryptocurrency regulatory framework using the Senate’s existing authority.

On Sept. 16 local time, blockchain media outlet U.Today reported that as legislative gridlock continues in the U.S. Congress, the administration and regulators have moved to set market rules directly.

Selik said the CFTC is ready to roll out rules for a "new financial frontier." The remarks came less than 24 hours after the U.S. Senate blocked progress on the Clarity Act. The Senate vote ended 50 to 49, and Democrats who raised concerns about potential conflicts of interest surrounding a White House-linked blockchain project, along with bank lobbying that questioned stablecoin revenue models, stopped the bill from advancing. That left the industry without a federal legislative basis.

Market reaction was immediate. Bitcoin fell below $76,000, and Coinbase and Circle shares fell 8 percent and 11 percent, respectively. Selik immediately presented an alternative to calm market unease. "It is regrettable that the Senate vote turned out the way it did," he said. "Americans deserve regulatory clarity, legal certainty and consumer protection in the crypto asset market," he added.

The focus has shifted from legislation to administrative enforcement. Selik made clear that the current administration will not wait for Congress to break its deadlock. "The administration has promised it will deliver a future-ready regulatory structure for the crypto asset market in one way or another," he said. "We will help make it happen by using our existing statutory authority," he added. "The United States is the crypto capital of the world, and it will maintain that position," he said.

After the remarks, the industry’s attention shifted from Senate debate to direct action by the CFTC and the U.S. Securities and Exchange Commission (SEC). Expectations grew that detailed rules could be developed quickly at the agency level, and an interpretation emerged that a prolonged regulatory vacuum had become less likely. The industry is watching whether a separate set of guidelines from regulators, without constraints included in a congressional compromise, could apply a more relaxed framework to decentralised finance (DeFi) and stablecoins.

Matt Hougan (맷 호건), chief investment officer at Bitwise, also said turbulence around the Clarity Act would not last long. He assessed the regulatory situation as one where "if heads comes up, we win big, and if tails comes up, we win narrowly." The remarks reflected expectations that even if legislation falters, an alternative path led by regulators remains open.

In this situation, market attention is narrowing to two tracks. One is how far the CFTC and SEC can apply existing authority to create rules. The other is whether looser standards than those in congressional bills will actually be presented. Selik’s remarks are being taken at least as a signal that rulemaking itself will not stop. The industry is watching the possibility that, even if a legislative vacuum continues, the U.S. crypto market structure could be reshaped again under the lead of regulators.