Former Commodity Futures Trading Commission Chair Rostin Behnam said the CFTC’s existing authority is insufficient for comprehensive oversight of crypto spot markets after the CLARITY Act failed to advance in the Senate. The bill, which would establish a U.S. crypto market-structure framework, received 49 votes in favor and 50 against in a procedural vote on September 15, falling short of the 60 votes required. Behnam said regulators should apply existing laws more consistently while Congress remains stalled, and highlighted the need to protect customer assets when crypto companies go bankrupt. He also called for clearer standards separating CFTC oversight from state-government regulation of the fast-growing prediction-market sector, including a legal distinction between risk-management products and gambling. Conflicting federal and state approaches, particularly over sports-related event contracts, have produced divergent federal appeals court rulings and could eventually bring the issue before the U.S. Supreme Court.