The SEC and CFTC are moving forward with crypto rulemaking even if Congress fails to pass the CLARITY Act. CFTC Chair Michael Selig said on Aug. 4 that the agency has crypto rule proposals ready and plans to finalize them before the current administration ends. The SEC separately stated it can continue meaningful crypto rulemaking if Congress fails to act. Agency rules can be revised or undone by future administrations, making courts and the next executive branch the real test of their durability. Bitcoin remains legally clearer than most crypto assets given its existing commodity treatment.
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