Congress stalled on crypto market structure earlier this month when the Senate blocked the Digital Asset Market Clarity Act by one vote, 49 to 50. But that did not stop the CFTC from moving ahead where it already has authority.
For firms and exchanges the CFTC already oversees, the agency is still putting out practical rules on how crypto products can trade, what can be posted as collateral, and how blockchain-related activity should be handled. One clear example: it told registered markets they can move existing perpetual-style digital commodity futures into true digital commodity perpetual futures without getting tripped up by the usual enforcement risk while that transition is worked through.
So even without a new law from Congress, crypto firms already inside the CFTC system are still getting operating rules now, not later. Earlier this year, the CFTC and SEC also put out a joint interpretation on some crypto assets, showing that agency-level policy work is still moving.