A legislative attempt to establish a comprehensive crypto framework stalled in the US Senate on Sept. 15 after failing to reach the 60 vote cloture threshold. SEC Chair Paul Atkins and CFTC Chair Michael Selig stated their agencies will use existing statutory authority to deliver regulatory certainty for crypto markets regardless of the legislative outcome. The CFTC subsequently filed a proposed rulemaking titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" with the White House's Office of Information and Regulatory Affairs.

The cloture vote failed 49-50, with Senator Josh Hawley and three other Republicans voting no. Hawley cited concerns that the bill would divert capital from small-town banks that provide loans to Missouri farmers. Concurrent agency actions include a CFTC no action position for passive software providers and an SEC 5 year innovation exemption for tokenized securities venues trading NMS stocks.