CFTC Chairman Mike Selig said the agency is developing crypto market-structure rules under existing authority after the Senate blocked debate on the CLARITY Act, while former Democratic congressman Tim Ryan said the bill could still pass if lawmakers resolve disputes over ethics, consumer protection, illicit finance and stablecoin rewards. The CFTC is examining a new category for futures, including perpetuals, that could enable leveraged crypto trading, but Selig said legislation remains necessary to establish clear CFTC jurisdiction over spot markets. The SEC and CFTC also took temporary or conditional actions involving tokenized stocks, passive software providers and broader crypto-market rules, although Ryan said agency action cannot replace durable legislation.