SEC Chair Paul Atkins and CFTC Chair Michael Selig pledged Wednesday to advance crypto rules using their agencies’ existing statutory authority. Their commitments followed Tuesday’s Senate vote on advancing the CLARITY Act, a bill to establish a federal framework for digital assets and clarify the regulators’ roles. The motion received 49 votes in favor and 50 against, short of the 60 needed.

Atkins promised to act “with or without legislation” to provide certainty for American investors and technology entrepreneurs. Selig called the Senate outcome “unfortunate” and said the CFTC was “locked in and ready to ship its rules for the new frontier of finance.”

Democrats opposed advancing the bill over concerns that its ethics provisions did not sufficiently address President Donald Trump’s crypto interests. Senator Thom Tillis switched his vote to no and filed a motion to reconsider, preserving a procedural path for another vote. Coinbase and Circle shares fell about 10% after the bill stalled Tuesday.