SEC Chairman Paul Atkins said the agency will act within its statutory authority to provide regulatory certainty for American crypto investors and innovators despite the Senate's failure to advance the CLARITY Act. CFTC Chair Mike Selig said the commodities regulator is prepared to issue rules, while Coinbase Chief Executive Officer Brian Armstrong and Gemini co-founder Tyler Winklevoss welcomed the agencies' commitment to rulemaking. Bernstein said the SEC and CFTC are expected to address token classification, stock tokenization, DeFi and self-custody protections as they seek to fill the gap left by the stalled market-structure legislation. Democratic opposition centered on ethics concerns involving President Trump's cryptocurrency ventures, while banking and crypto-industry groups also differed on stablecoin-related issues and regulatory design. Bitcoin fell more than 5% after the Senate vote, while Coinbase and Circle shares declined by as much as roughly 10% amid a broader risk-off market. JPMorgan said agency rules would be less durable than legislation because future administrations or courts could overturn them. The SEC has also said that most crypto assets, including digital collectibles and certain dollar-backed stablecoins, are not securities, while other stablecoins can be securities depending on their features.