Michael Saylor SEC, CFTC and Treasury Can Advance Crypto Rules After CLARITY Act Stalls

Michael Saylor discusses SEC, CFTC, and Treasury regulation after the CLARITY Act stalled in the U.S. Senate.

Michael Saylor expects the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and Treasury Department to continue advancing cryptocurrency regulations under existing law after the CLARITY Act failed to move forward in the Senate.

Saylor, executive chairman of Strategy, made the assessment in a post on X, according to BSCN. His comments came after the U.S. Senate failed to advance the Digital Asset Market CLARITY Act in a procedural vote on September 15, leaving the legislation short of the threshold needed to proceed.

Saylor Points to Existing Regulatory Authority

Saylor said he expects the SEC, CFTC and Treasury to pursue regulatory rules using authorities already available under U.S. law rather than waiting for Congress to enact the CLARITY Act.

“With CLARITY stalled, I expect the SEC, CFTC, and Treasury to advance rules under existing law,” Saylor wrote, as quoted by BSCN.

He added that progress “does not have to wait for Congress,” framing agency-level action as a potential route for continued regulatory development while the legislation remains stalled.

The statement represents Saylor’s expectation rather than an announcement from the three federal agencies. The X post did not identify specific rules or regulatory actions that the SEC, CFTC or Treasury would pursue next.

Senate Vote Leaves CLARITY Act Stalled

The Senate vote on the CLARITY Act failed to reach the 60 votes required to advance the measure. Reuters reported that the bill received 50 votes in favor and 49 against, while other reporting described the result as 49-50 depending on how the procedural tally is presented. The legislation was designed to establish a federal framework for digital assets and clarify regulatory responsibilities between the SEC and CFTC.

The setback followed months of negotiations over the proposed framework. Reuters reported that lawmakers had made revisions before the vote, but the measure still failed to secure enough support to move forward.

The legislation’s failure does not eliminate the existing legal authorities of federal financial regulators. Industry and lawmakers have pointed to the ability of agencies to use their existing authorities to develop rules and issue guidance concerning digital assets.

Regulatory Action Can Continue Outside Congress

Saylor’s comments therefore focus on the distinction between congressional legislation and regulatory action by federal agencies. While a comprehensive market-structure law would require congressional approval, regulators can continue using existing statutory authorities for areas within their jurisdiction.

The CFTC and SEC have already issued crypto-related regulatory guidance under existing authorities. For example, the SEC published a March 2026 interpretation addressing the application of federal securities laws to certain crypto assets and transactions.

For Saylor, the immediate path forward is therefore not necessarily dependent on another congressional vote. His latest comments leave the next steps with the SEC, CFTC and Treasury as the CLARITY Act remains stalled in Congress.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.