SEC Chairman Paul Atkins and CFTC Chair Brian Selig said their agencies would pursue crypto rulemaking under existing authority after the Senate voted 49-50 on Sept. 15 against advancing the Digital Asset Market Clarity Act, known as the CLARITY Act. The bill required 60 votes and would have created the first comprehensive federal framework for digital-asset regulation. Atkins said the SEC would act decisively with or without legislation, while Selig called the vote unfortunate and said the CFTC was ready to issue rules addressing crypto markets and President Trump's market-structure pledge. Democrats opposed the bill over concerns about Trump's personal crypto interests and its ethics provisions, while Republicans rejected a Democratic counterproposal. Bernstein analysts expected aggressive and swift agency action, while JPMorgan analysts warned that agency rules could be reversed by future administrations or challenged in court.