The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are independently pressing ahead with efforts to refine rules for digital asset markets, separate from congressional legislation.

Blockchain media outlet U.Today reported on Sunday that after the U.S. Senate voted down the Digital Asset Market Clarity Act (H.R. 3633), known as the Clarity bill, by 49 to 50 on Sept. 15, the two agencies have been moving to fill regulatory gaps through administrative authority.

The bill collapsed amid differences over government officials’ cryptocurrency holdings and regulation of stablecoins. As a result, the industry failed to secure clear legal standards even ahead of the November midterm elections.

The SEC is pushing ahead with a proposed set of rules for crypto assets. The plan includes allowing flexible registration exemptions for crypto startups, with caps of up to $5 million and $75 million. A related public hearing will run through Oct. 20. SEC Commissioner Hester Peirce (헤스터 피어스) criticised the existing hardline approach as treating investors like infants.

The CFTC is also moving to restructure market architecture using its current authority. Chairman Michael Selig (마이클 셀리그) said the CFTC is designing market structure under its existing powers. The CFTC has already revised accounting rules for tokenised assets and has sent a comprehensive regulatory proposal into a White House approval process.

The two agencies’ moves are being coordinated under an inter-agency consensus framework called Project Crypto. The framework divides digital assets into 5 basic categories, ranging from digital commodities to securities.

After the bill failed, the industry has responded by stepping up lobbying. Blockchain Association Chief Executive Summer Mersinger (서머 머싱어) said she will step down on Oct. 16, and Christine Smith (크리스틴 스미스) will take over. Coinbase Chief Executive Brian Armstrong (브라이언 암스트롱) and the Stand With Crypto coalition launched a voter mobilisation campaign and presented fintech development as a bipartisan national security issue.

Market reaction was relatively calm. Bitcoin moved in a $84,000 to $86,000 range, and major altcoins including XRP and NEAR held near recent highs. The market is watching whether regulators’ guidance will deliver legal clarity faster than a stalled Congress.