Bloomberg：Clarity法案未通过，SEC与CFTC推进加密监管新规

Bloomberg Audio Studios podcasts, radio, news. This is your weekly Washington policy pulse on the Balance of Power podcast. I'm Joe Matthew. Every Monday, Bloomberg Intelligence senior policy analyst and friend of the show, Nathan Dean, shares his weekly call on upcoming catalysts in the nation's capital. Listen for the most recent and relevant policy research from our team at Bloomberg Intelligence. Now with today's installment, here's Nathan Dean.

Good afternoon everybody. My name is Nathan Dean. I'm a senior policy analyst with Bloomberg Intelligence here in the Washington DC bureau. Want to say thank you for joining us on the Washington Policy Pulse. Also, for those of you who are viewing us via the Balance of Power podcast, we always appreciate you listening. Today is September 21st, 10:02 a.m. We're actually getting very close to the elections. The House is gone.

The Senate is still here this week. Uh but before the House left, they passed the Russia sanctions bill that we've talked about in this call before. President Trump signed it. It's now into law. Uh this bill essentially gives President Trump another tool to conduct tariffs specifically against those countries that are purchasing Russia oil. So think China, think Turkey, think India. Um and this really just isn't something that we should be concerned about right now.

But as the Russia Ukraine relationship conflict uh becomes even more interest I'm I'm struggling to come up with the right words but as it becomes more and more of an issue just this morning President Trump uh uh tweeted about how he lamented that uh the diesel oil operations in Russia had been destroyed. But as President Trump focuses more on the Ukraine and Russia relationship and conflict uh this is more of an issue.

But as a reminder, uh this is just a tool in the toolbox and so I wouldn't worry about this until after the election and into 2027. Over on the Senate side, the Senate is still here. They're doing some nomination works this week. Um for example, the Senate Banking Committee confirmed Bryant Johnson or not confirmed, sorry, the Senate Banking Committee advanced Brian Johnson to be the next director of the CFBB. But let's talk about the failure of clarity for a second because the SEC and the CFTC have come out quite a bit uh doing some rulemakings on the crypto space that are worth talking about.

So the clarity act failed. I think uh you know a lot of you pe a lot of you knew that I actually thought it was going to pass back in the August recess time. It didn't. So what is the SEC and the CFTC doing right now? Well the SEC has already relaunched its uh regulation crypto assets. that it's a proposal that deals with issuer exemptions. Uh so if you're launching a new token, you can avoid certain disclosure requirements, some of the IPO like requirements.

Not all that big of a deal, but certainly interesting if you're in the space. Uh just last week, they released guidance on innovation exemptions. Uh this is on the tokenization side, not so much on the crypto side, but on the tokenization side, the digital trading of securities. essentially was a 5-year exemption that essentially will for uh allow additional trading and additional tokenization of digital securities. Um but please note that this is guidance.

So, you know, one stroke of the pen by a future SEC chairman or chairwoman can essentially undo this. Uh and this is also going to bring the wrath of certain aspects of the traditional finance side. And I'm specifically probably thinking Citadel here because if you have the digitalization of securities securities trading and they have different rules of the road than you do in the traditional securities trading, uh there are going to be some disagreements there.

So I wouldn't be surprised if you see a little bit more in the space uh about specifically what the outcome of this is and the legality of it and what the SEC is doing. um no indications that there's a lawsuit yet, but again, this is something that the traditional side of the coin isn't going to like all that much. And then just last week, Bloomberg News reported that the CFTC had sent a proposal over to the Office of Interregulatory Affairs, also known as ORA.

This is the shop over at the White House. Um and that the CFTC is going to produce a proposal on markets and assets. Now really nobody knows what this proposal is going to have the details of. But just keep in mind here is that the CFTC can only issue these rulemakings within the already existing CFTC authority. This is why getting the Clarity Act was such an important thing because it was going to expand the role of the CFTC and now the CFTC can only do what's within its authority.

And for commodities which things like Bitcoin, they only have authority over fraud and anti-market manipulation here. So, it's one of those things where I'm not exactly sure what this rule states, but I if it is what I think it is. It's going to be more so of here's what our authority is. We're going to put another stamp on our authority by declaring via rulemaking that this is what our authority is and we're essentially going to allow additional exemptions here.

But then that's probably going to get tested in court. And if the CFTC were to overstep its boundaries, then you may run into an issue where there's the courts. So the long story short is or maybe the short story long is when it comes to crypto you essentially have 5 years worth of clarity because you have the rest of the Trump administration where it's going to be less of an enforcement risk and then if a Democrat wins in 2028 and that's an if if the Democrat wins in 2028 and then if the Democrat decides to nominate somebody as the future SEC CFDC chair that takes an opposing view and then if they decide they want to unwind these rulemakings and then if they want to be able to defend those in courts all those ifs add up to about 5 years worth of clarity.

It'll probably be about till about 2021. And so now it's up to the crypto sector to really define and cement what its status is and make it so difficult for a future SEC or CFTC to unwind it because if the Democrats take the House like it's looking like it's they're going to, it's not like Clarity is coming back. um you know, Clarity, for example, it just for what it's worth, it uh I don't think, you know, the Senate Democrats were talking about potentially trying to pass this in the lame duck.

I don't think that's going to happen. Um and I just don't think Clarity is going to come back um at all for the next 2 years. So, that's what's going on over on the crypto side. Real quick, also on the Senate side, um the Senate a committee moved forward with its version of the farm bill. This still has some disagreements with Democrats over the size of SNAP cuts. This is the program formerly known as food stamps. Uh there's lots of talk about trying to get this in the lame duck session, but I would just note is the Republican chairman of the House ad committee, Glenn Thompson, uh has asked for a waiver to serve another term.

On the Republican side, they have term limits for chairs. They don't on the Democratic side. And he asked for another extension or a waiver so that he could serve as another term, I think, to get the farm bill over the line because he knows it's not going to happen in this congressional session. Now, whether he gets the waiver or not, I don't know. Probably not. But I'm just saying here is is that I don't have high hopes that the farm bill is going to pass.

So look for another kick of the can. And just as a reminder, no government shutdown come September 30th. Uh they've already kicked the can on that. That's the new government shutdown date is December 11th. So one thing that you haven't heard us talk about quite a bit on these calls is artificial intelligence. And there's a reason for that is that artificial intelligence is one of those things where obviously it's driving th

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