The SEC and CFTC are moving ahead with their own set of crypto market rules, leaning on their current authority. This tougher stance comes after the CLARITY Act failed to pass the US Senate.

SEC and CFTC Move Forward Without New Legislation

SEC Chair Paul Atkins said: “With or without new legislation, we’re going to act decisively within our powers to bring regulatory clarity for US investors and entrepreneurs.”

CFTC Chair Michael Selig added: “The CFTC is ready to roll out its own rules for this new financial frontier.”

What’s in the Digital Asset Tax Certainty Act

Meanwhile, the House of Representatives is pushing its own tax bill: the Digital Asset Tax Certainty Act.

— Network and transaction fees paid in crypto under $10 would be tax-exempt.

— No more wash sales: you can’t sell crypto at a loss, claim the loss for a tax break, and instantly buy back the same asset.

— Dollar-backed stablecoins would get their own tax rules.

— Mining and staking rewards would be taxed as regular income.

— Some crypto loans wouldn’t automatically count as asset sales or trigger a taxable event.

— The US Treasury would launch a program letting crypto holders voluntarily fix past tax returns.

What’s Next

The bill cleared the House committee with a 38–5 vote and now heads to the full House. Lawmakers are heading out for recess and will be back after the midterm elections in November.