The Senate rejected cloture on the Clarity Act 49-50 on Sept. 15, 11 votes short of the 60 needed to begin debate. SEC Chair Paul Atkins said the agency will act “with or without legislation” using existing statutory authority. CFTC Chair Mike Selig said the commission is “locked in and ready to ship” crypto market rules. JPMorgan called the remaining legislative window “extremely narrow” and said agency rules are less durable than statute....

The U.S. Senate on Tuesday failed to advance the Digital Asset Market Clarity Act, rejecting cloture on the motion to proceed to H.R. 3633 by a 49-50 vote and leaving the industry’s flagship market-structure bill 11 votes short of the 60 required to begin formal debate. According to the Senate Daily Press log, voting began at 2:18 p.m. and the result was announced at 3:00 p.m. Sen. Chris Coons did not vote. Republican Sens. Susan Collins, Josh...