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The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are separately advancing the formulation of rules for the digital asset market.
Previously, on September 15th, the U.S. Senate voted to block the crucial Digital Assets Market Clarification Act (Digital Asset Market Clarity Act, H.R.3633). The bill was not passed with 49 votes in favor and 50 against it, with disputes focusing on government officials holding crypto assets and the regulation of stablecoins.
Legislators failed to pass the bill, leaving the industry without clear guidance until the mid-term elections in November. In this situation, regulatory authorities have stated that they intend to use existing administrative resources to fill the legal vacuum.
Without waiting for a compromise to be reached on Capitol Hill, these institutions have accelerated their own rule-making processes:
- SEC Measures:The committee is advancing a proposal known as Regulation Crypto Assets, which aims to introduce more flexible registration exemptions for crypto startups, with upper limits of $5 million and $75 million respectively. The public hearings for this proposal will continue until October 20th. Changes in direction are also reflected within the organization: Committee member Hester Peirce has publicly stated that the previous strict approach was "treating investors like children."
- CFTC Plan:Committee Chairperson Michael Selig confirmed that the institution is using its existing authority to shape the market structure. The institution has updated its rules for the accounting treatment of tokenized assets and has submitted a comprehensive regulatory proposal to the White House awaiting approval.
- Project Crypto:The actions of regulatory authorities are being coordinated in accordance with an inter-institutional agreement that categorizes digital assets into five basic categories, ranging from digital commodities to securities.
As coin prices approach local highs, companies are turning to lobbying.
After the bill failed to pass, there were also changes in the leadership of major industry organizations. The CEO of Blockchain Association announced that they would step down on October 16; Kristin Smith will take over.
At the same time, major cryptocurrency companies are increasing their direct influence on the electoral process. The CEOs of Coinbase, Brian Armstrong, and Stand With Crypto have launched a voter mobilization campaign, describing the development of fintech as a national security issue that is a consensus among both parties.
At the same time, the financial market has responded to regulatory changes in a more restrained and optimistic manner. Against the backdrop of news that SEC and CFTC are preparing to take over, Bitcoin has remained stable, with trading ranges between $84,000 and $86,000.
Major altcoins, including XRP and NEAR, also remain near their local highs. Holders hope that institutional guidance can provide the market with the necessary legal clarity more quickly and smoothly than the stagnant Congress.
