Trump's SEC and CFTC move to write crypto rules as CLARITY Act stalls

Two of the United States’ financial regulators, headed by Trump-appointed chiefs, are planning to write cryptocurrency rules on their own while the CLARITY Act remains stuck in the Senate. 

Lawmakers have only about 14 working days after they return from recess to pass the CLARITY Act before the October election break.  

What are the proposed placeholders for the CLARITY Act? 

The CLARITY Act, the crypto industry’s top legislative priority, has been put off for another month after the Senate left for a five-week recess without voting on it. 

Senate Majority Leader John Thune filed a cloture motion setting a procedural vote for September 15 that would need 60 votes, and a failure there could effectively end the bill. Lawmakers have only 14 working days after they return before an October election recess.

Opposition to the bill comes from Democrats who want tougher anti-money-laundering safeguards and tighter ethics rules, while CME Group sued the CFTC in June over its approval of perpetual crypto futures. 

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