Two major US regulatory signals have emerged almost simultaneously, despite coming from two separate agencies.
At the CFTC, Chairman Mike Selig stated at the first meeting of the Innovation Advisory Committee that if the Digital Asset Market Clarity Act (Clarity Act) faces continued delays, his agency will rely on existing authorities to begin crafting a dedicated regulatory regime for the crypto asset market. Specifically, he has directed staff to explore creating a “crypto asset market” designation—modeled on the designated contract markets (DCM) framework the CFTC currently oversees—allowing businesses to operate legally without waiting for Congress.
Over at the OCC (Office of the Comptroller of the Currency), Comptroller Jonathan Gould set a target to finalize the implementing regulations for the GENIUS Act before November 2026. This timeline carries specific significance: it would enable the OCC to begin accepting stablecoin charter applications as soon as the law officially takes effect in January 2027.
What both moves share is the backdrop of legislative gridlock. The Clarity Act is still awaiting a final voting window in the Senate with no guarantee of securing 60 votes, while the GENIUS Act framework has already missed its mid-2026 deadline. Rather than continuing to wait, federal agencies are choosing to round out regulations themselves within the scope of their existing powers.
The takeaway: the US crypto regulatory framework is being hammered out at the regulatory agency level rather than in Congress. For investors and businesses, this means rules will take shape faster, but could also be vulnerable to shifts when the political winds change later on.