The US Senate rejected the Clarity Act on September 15 by a 49-to-50 vote, a bill that would have clarified crypto regulation between the CFTC and the SEC. Two days later, the CFTC submitted a preliminary two-part framework to the White House, covering leveraged trading and platform supervision under CTX and CAM. The document published on October 5 remains at the prerule stage and opens a 60-day public consultation with no binding rules. According to law firm Troutman Pepper Locke, binding regulation is not expected before late 2027. The SEC has also launched its own crypto framework for public comment, with a deadline of October 20.
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