CLARITY Act Faces Critical Senate Vote as SEC Proposes New Crypto Asset Rules
U.S. crypto policy reached a pivotal moment this month. The market-structure CLARITY Act, which would draw clearer lines between SEC and CFTC oversight of digital assets, faced a critical cloture vote in the Senate on September 15, 2026.
SEC’s new rulemaking push
On August 18, 2026, the Securities and Exchange Commission announced a proposal titled “Regulation Crypto Assets,” aimed at creating a clearer framework for certain investment contracts involving crypto assets. The SEC has separately proposed its first transfer agent overhaul in roughly 40 years — a 421-page proposal that directly addresses blockchain-native fund administration.
This builds on coordination that began earlier in the year: in January 2026, CFTC Chairman Michael Selig and SEC Chairman Paul Atkins announced the two agencies would partner on “Project Crypto,” an effort described as bringing “coordination, coherence, and a unified approach” to federal oversight of crypto markets.
Derivatives markets are moving fast
Regulatory clarity on derivatives is already reshaping the market. On May 29, 2026, the CFTC approved cryptoasset perpetual futures contracts, a product category that has become the dominant form of crypto derivatives trading globally. Momentum has continued: on September 18, Coinbase Derivatives filed with the CFTC to offer single-stock perpetual futures, Kalshi submitted rules for equity perpetual trading tied to individual stocks such as Apple, and Bitnomial advanced similar products tied to stocks including Palantir.
States are moving too
Regulation isn’t only happening at the federal level. New crypto-related rules took effect in California on July 1, 2026, and Minnesota’s governor signed legislation permitting state-chartered banks and credit unions to offer virtual currency custody services, effective August 1, 2026.
This article summarizes public regulatory developments and is not legal advice.
