Alpenglow changes how validators, the computers that check transactions, agree on the network’s records. They will exchange votes directly instead of recording those votes as transactions inside blocks, the batches of transactions added to the blockchain. Agreement can then take one or two voting rounds.

Removing those votes will also make some Solana activity charts fall. Transaction totals that include validator votes will shrink even if users make just as many payments and trades. The Foundation has told data providers to adjust their comparisons.

Services that build transaction histories also need to keep competing candidate blocks separate until the network selects one. Mixing their contents could produce an incorrect record.

Applications that simply send transactions and read account balances require no migration, according to the Foundation’s guide.

The speed figure remains a target derived from simulations, rather than a demonstrated result under live-market conditions. Wallet processing and exchanges’ own deposit checks can add further waiting time.

No firm launch date has been announced for the live network. Anza’s software schedule tentatively allows feature activations to resume Sept. 28, but does not identify that date as Alpenglow’s launch.

A new bottom line?

Summer Mersinger, a former U.S. Commodity Futures Trading Commission (CFTC) commissioner, is stepping down as CEO of the Blockchain Association and will leave the advocacy group at the end of the year. The change comes after one of the organization’s top legislative priorities stalled in Congress, underscoring how quickly momentum in Washington can shift for crypto policy groups.

On Friday, the Blockchain Association said Mersinger will step down on Oct. 16, when Kristin Smith—who previously led the organization—returns as interim CEO. Mersinger joined the Blockchain Association in June 2025 after departing the CFTC three years ahead of the scheduled end of her second term as a commissioner.

Key takeaways

• The Blockchain Association announced a leadership transition: Summer Mersinger will exit as CEO on Oct. 16, with Kristin Smith returning as interim CEO.
• Mersinger’s tenure emphasized stablecoin-focused policy efforts, including the GENIUS Act, and efforts to improve regulatory clarity across the SEC and CFTC.
• One major legislative priority—tied to a Senate “clarity” effort for digital assets—failed to advance on a cloture motion, raising the likelihood of delay into later Congresses.
• The association did not publicly address what the leadership change could mean for its remaining 2027 policy strategy.

Leadership transition at the Blockchain Association

The Blockchain Association’s announcement sets a clear timeline for the organization’s top leadership. Mersinger will step down as CEO on Oct. 16, aligning with Kristin Smith’s return as interim CEO. The group also indicated that Mersinger will leave the organization by year’s end.

According to Mersinger, her move to the association was driven by a desire for clearer regulatory “rules of the road” and a unified policy voice in Washington. She joined the advocacy group after leaving the CFTC earlier than the completion of her second term, which many observers interpreted as a shift from regulator to policy advocate.

Stablecoins and regulatory clarity remain the headline of her tenure

In explaining Mersinger’s impact, the Blockchain Association pointed to her work advancing the “Guiding and Establishing National Innovation for US Stablecoins” framework—commonly referred to as the GENIUS Act. The organization also credited her with efforts aimed at improving regulatory clarity with both the Securities and Exchange Commission (SEC) and the CFTC.

The emphasis on stablecoin legislation is notable because stablecoin policy has been a recurring flashpoint for U.S. crypto regulation. For advocacy groups, stablecoins are often treated as a practical focal point: they are already widely used for payments, trading, and settlement, while lawmakers continue to debate how existing securities and commodities regimes should apply.

Importantly, the association’s statement did not limit itself to stablecoins alone; it suggested a broader goal of clarifying enforcement and compliance expectations across agencies. That matters to market participants because regulatory uncertainty can translate into higher compliance costs, delayed product launches, and shifting legal risk assessments—especially for firms operating at the boundary between securities-like activity and commodities-like activity.

The setback in Congress changes the political clock

While the Blockchain Association highlighted GENIUS Act progress, it did not mention another Senate effort that had been repeatedly urged by the organization: the Digital Asset Market Clarity Act, which had been under consideration in the Senate.

Previously, the Blockchain Association pushed lawmakers to support the measure, sharing calls for action through its social media channels. However, coverage noted that the bill failed to gain enough votes during a cloture motion earlier this month, according to the original reporting cited by Cointelegraph.

Experts expect that outcome to leave the legislation in limbo until 2027—an extended delay that can be consequential for an advocacy group’s strategy. Legislative priorities that do not clear procedural hurdles often lose momentum as attention moves to other issues or as new political dynamics take over. For stakeholders watching U.S. crypto regulation, it also suggests that near-term certainty may remain difficult to achieve even when industry support for a framework is visible.

The timing is especially relevant for leadership decisions. The association’s communications did not explicitly tie Mersinger’s departure to any single vote outcome, but the context is difficult to ignore: a major policy push appears to have stalled right as she is exiting.

What comes next for the group—and what to watch

The Blockchain Association did not immediately respond to questions about what Mersinger’s plans are beyond her departure, including any strategy for 2027. That leaves open a key question for members and observers: whether the organization will adjust its legislative priorities or shift its messaging focus as the political calendar extends.

With Kristin Smith stepping in as interim CEO, attention will likely turn to how the group reallocates its efforts—particularly whether it keeps pursuing the Senate clarity push or doubles down on alternative paths, such as agency-level rulemaking or narrower frameworks like stablecoins. For crypto industry participants, the leadership handoff may signal continuity in advocacy priorities, but the legislative calendar suggests that tangible progress may still depend on votes and procedural outcomes that can take months to overcome.

Readers should watch for any new statements from the association on its legislative roadmap after the cloture failure, along with signals from congressional leadership on whether any crypto-related bills can move without being trapped in extended procedural delays.

An XRP Ledger upgrade expected to activate Sept. 29 has been pushed back by at least 10 days after validator support briefly fell below the level required to turn it on.

The feature, called Batch, would let users submit up to eight transactions together. Its all-or-nothing option could let a buyer pay for a tokenized asset and receive it in one operation, preventing either side of the trade from completing alone.

RippleX’s head of engineering, Ayo Akinyele, previously told CoinDesk that projects were being built around Batch and that Ripple would share more about work with asset managers once the feature went live.

“Some projects are already being built with Batch in mind, so activation would allow that work to move closer to production,” he said. He did not name the partners or give launch dates.

The corrected upgrade, formally named BatchV1_1, regained support from 30 of 35 trusted validators on Sept. 25, according to the XRPL amendment dashboard. That started a fresh two-week countdown, putting its earliest activation at Oct. 9 around 14:46 UTC if support holds.

New warnings circulating among iPhone users link a malicious Safari-based attack to a potential exposure of cryptocurrency wallet secrets, including private keys and seed phrases. However, the threat intelligence firm that analyzed the specific Safari sample says it has not been able to independently confirm an actual theft from a compromised victim tied to that exact code.

In a statement provided to Cointelegraph, SlowMist said the campaign it investigated appears to reuse techniques from an earlier iOS exploit chain known as DarkSword. While multiple reports urged users to update immediately and cited an especially broad iOS window—“iOS 13 through iOS 26.5” in some coverage—SlowMist cautioned that this range should be treated as preliminary until the company can demonstrate reproducible technical evidence for the latest versions.

Key takeaways

• SlowMist has not independently confirmed a real victim compromise or confirmed crypto theft tied to the exact Safari sample it analyzed.
• The strongest technical evidence from SlowMist focuses on iOS 18.4 through 18.6.2.
• SlowMist says the suspected Safari exploit chain reuses techniques from Google-disclosed DarkSword, rather than being the same as the separate FomoPeek incident.
• The analyzed malware includes functionality aimed at reading and decrypting data from Apple Keychain, which can contain sensitive wallet-related information.
• Even without proof of a successful extraction on every targeted device, SlowMist still recommends updating iOS and avoiding suspicious links.

Why the iPhone warnings remain uncertain

Multiple reports this week prompted immediate iOS updates, warning that malicious Safari pages could potentially expose crypto private keys and seed phrases. Some of those reports referenced a wide range of iOS versions, extending from iOS 13 to iOS 26.5.

SlowMist’s assessment is more restrained. The company told Cointelegraph that it has not independently verified a victim device compromised by the particular Safari attack sample it reviewed. It also indicated that the iOS range appearing in public warnings may be broader than what it can technically support right now.

In particular, SlowMist said it “prefer[s] to avoid stating that iOS 26.5 is affected until there is reproducible technical evidence,” and noted its strongest evidence spans iOS 18.4 through 18.6.2. That distinction matters for users and organizations because overbroad impact claims can either create unnecessary fear on unexposed versions or, conversely, obscure where defenses should be prioritized first.

What SlowMist says was reused from DarkSword

The Safari campaign is not being treated by SlowMist as an entirely new exploitation method. According to SlowMist, the attack reuses techniques from DarkSword, an iOS exploit chain disclosed by Google’s Threat Intelligence Group (GTIG) in March. Google described DarkSword as having been used by multiple threat actors since at least November 2025, and documented the exploit chain publicly in a dedicated threat intelligence post.

SlowMist said its own MistEye threat intelligence team—led by chief information security officer 23pds—first identified relevant activity in early May. Later, SlowMist published its analysis of the “WYINCC” Safari campaign on Sept. 4, describing how the malicious page presented a lure related to a free virtual private server service.

SlowMist reported that when the page was opened in Safari on an iPhone, the exploit code could load without necessarily requiring an additional user click. Apple later patched the vulnerabilities used in the chain, and SlowMist stated that those underlying weaknesses had already been disclosed and fixed.

Importantly, SlowMist also separated this issue from a different investigation it previously ran regarding FomoPeek—an iOS App Store-related incident described in earlier Cointelegraph coverage. SlowMist characterized the Safari attack as distinct from that separate App Store compromise vector.

Targets inside the device: Apple Keychain and wallet exposure

Beyond the exploit mechanism, SlowMist highlighted what the malicious sample was trying to access. In its analysis of the sample, the firm said the code included capabilities to interact with Apple’s Keychain—retrieving and decrypting information stored there. SlowMist added that the code could also access app files and shared app data, which could potentially include sensitive data handled by crypto wallet applications.

At the same time, SlowMist emphasized limits in what can be proven from static or controlled analysis. The company said the sample “demonstrates the collection capability and the intended targets,” but does not automatically prove successful extraction from every wallet or every targeted device.

Critically, SlowMist said it did not execute the full chain on a real victim device, which is why it cannot identify a specific victim whose device it independently confirmed was successfully compromised by that exact sample.

Recommendations: update, avoid links, and move funds if exposed

Even with those uncertainties, SlowMist urged iPhone users to take practical defensive steps. The firm advised updating to the latest iOS security updates available for affected devices and avoiding suspicious links—especially those delivered via unsolicited messages or pages that promise free services.

For users who cannot update immediately or who face elevated risk, SlowMist pointed to Apple’s Lockdown Mode as an additional layer of defense. However, the company cautioned that it has not confirmed Lockdown Mode fully blocks this specific Safari attack.

SlowMist also offered guidance for wallet users who believe their credentials may have been compromised. Its recommendation was to move assets to a newly generated wallet created on a clean device rather than continuing to use potentially exposed private keys or seed phrases.

As more technical details become available, the key question for investors, traders, and wallet users is whether reproducible evidence will narrow the affected iOS versions further—and whether researchers can confirm how often, and under what conditions, the Keychain access successfully results in usable wallet secret extraction on real devices. For now, the safest approach remains the straightforward one highlighted by SlowMist: update promptly, be cautious with Safari links, and treat any suspected seed or key exposure as a reason to rotate credentials immediately.

Summer Mersinger, the former US Commodity Futures Trading Commission (CFTC) commissioner who led the Blockchain Association, will step down as chief executive as the advocacy group heads into its next chapter. The organization says Mersinger will leave the role on Oct. 16 and will depart the Blockchain Association at the end of the year.

In a move the group framed as a return to familiar leadership, Kristin Smith—Blockchain Association’s former CEO—will take over as interim CEO on Oct. 16 while continuing her existing position as president of the Solana Policy Institute.

Key takeaways

• Summer Mersinger will step down as CEO of the Blockchain Association on Oct. 16.
• Kristin Smith is set to return as interim CEO while remaining president of the Solana Policy Institute.
• The Blockchain Association cited progress on stablecoin policy, including work connected to the GENIUS Act.
• The group’s update did not mention a separate stablecoin/regulatory push in the Senate that failed to advance earlier this month.

Why the CEO transition is happening

The Blockchain Association said Mersinger’s departure follows a setback for one of the organization’s key legislative priorities in Congress. The group’s announcement indicates it sees the leadership change as timed with a period of renewed advocacy, starting with Smith’s interim return.

Mersinger joined the Blockchain Association in June 2025 after leaving the CFTC years earlier than the planned end of her second commissioner term. Her background at the regulator is a core part of the story: the association emphasized that she joined the industry effort to build a unified policy message in Washington.

“I came here from the CFTC because I believed this industry deserved clear rules of the road and a credible, unified voice making the case for them in Washington,” Mersinger said in remarks tied to her departure, according to the Blockchain Association’s announcement.

Legislative focus: GENIUS Act and broader “clarity” goals

In explaining her tenure, the Blockchain Association pointed to Mersinger’s efforts related to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act). The organization also credited her work with achieving more regulatory clarity across both the Securities and Exchange Commission (SEC) and the CFTC.

That emphasis matters because US crypto policy remains fragmented between agencies and often depends on how lawmakers define stablecoins and other digital assets. For advocacy groups, demonstrating progress toward a workable regulatory framework—rather than only case-by-case enforcement—can shape how seriously Congress treats proposed bills and how businesses plan compliance strategies.

A Senate setback the association didn’t highlight

While the Blockchain Association highlighted stablecoin-related work around GENIUS, it did not reference a separate Senate measure it had previously urged lawmakers to support. In earlier outreach, the association pushed for the Digital Asset Market Clarity Act—a bill described in coverage as being under consideration in the Senate.

According to reporting linked in the original announcement’s context, the Senate failed to move the legislation forward. The measure was not able to secure enough votes in a cloture motion earlier this month, with expectations that it could remain stalled until later in the decade—potentially stretching into 2027.

The Blockchain Association did not provide immediate details on what the leadership change means for its plans for 2027, nor did it outline a replacement strategy for the stalled legislation in the information provided with this CEO update.

Leadership change and what to watch next

With Mersinger stepping down on Oct. 16 and Kristin Smith taking over as interim CEO, the next phase of the Blockchain Association’s legislative campaign may hinge on how it reframes its priorities after the Senate cloture result. Investors and builders watching US crypto regulation will want to pay close attention to whether the organization pivots to alternative bills, refines its approach to stablecoin definitions, or focuses more on agency-level guidance given the SEC/CFTC dynamics mentioned by the association.

For now, the key uncertainty is timeline: the stalled Senate effort suggests near-term momentum may be limited, even as internal leadership transitions prepare the advocacy group for the legislative calendar ahead. Readers should watch for updates on the association’s next set of targets in Congress and whether the “clarity” push remains centered on stablecoins—or broadens to other parts of the digital asset market.

The SEC Division of Corporation Finance released new crypto guidance on September 25 covering staking receipt tokens, wrapped assets, buybacks, and functional networks. The update explains how certain crypto activities may not create investment contracts under existing federal securities laws. However, the guidance represents staff views and does not create new legal requirements.

The latest FAQs clarify how SEC staff evaluates different crypto assets and network activities. The document focuses on whether specific actions involve ongoing managerial efforts linked to investment expectations. Therefore, the guidance highlights conditions that may affect how digital assets are treated under securities laws.

The SEC staff explained that some crypto assets can operate as digital tools rather than securities. The analysis also depends on each digital asset’s structure, purpose, and operation.

SEC Explains Staking Receipt Token Treatment Under Crypto Rules

The new guidance addresses staking receipt tokens issued through blockchain-based staking services. These tokens can represent ownership of underlying digital assets while allowing users to track their staking positions. Therefore, the SEC staff said some staking receipt tokens may function as digital commodities.

The guidance also explains that liquid staking providers may issue tokens connected to protocol-based systems. In these cases, the tokens can represent claims linked to staked assets rather than traditional investment contracts. However, the classification depends on the facts surrounding each network and token structure.

Additionally, the SEC staff noted that the agency has not approved or rejected the FAQ responses. Instead, the document provides staff interpretations based on current federal securities law principles. Therefore, crypto projects must still consider their individual operations and structures.

Functional Networks And Crypto Buybacks Receive Updated SEC Views

The SEC staff also guided when crypto networks may move beyond investment contract concerns. The analysis focuses on whether an issuer continues performing essential managerial activities for digital asset holders. Therefore, network development and maintenance alone may not always represent managerial efforts.

The guidance explains that functional networks can continue operating through security improvements, software updates, and community development. Moreover, these activities may support network operations without creating an investment contract. The SEC staff emphasized that decentralization can influence this evaluation.

Crypto buybacks also received attention in the updated FAQs. The staff explained that buybacks involving active networks may not automatically indicate issuer efforts that support an investment contract. However, buybacks promoted as generating returns could receive different consideration depending on the circumstances.

The SEC staff further noted that network functionality plays an important role in evaluating crypto activities. Before a network becomes functional, issuer actions may carry different legal implications. Therefore, project structures and promotional methods remain important factors.

SEC Reviews Crypto Marketing Statements And Platform Promotion Rules

The guidance also covers statements made by crypto companies when promoting their products and services. The SEC staff said general support for existing network utility does not automatically create an investment contract. Therefore, ordinary communications about network use may receive different treatment.

However, promotional statements can create concerns when they connect future issuer actions with expected financial returns. The SEC staff indicated that the details and context of each statement remain important. Consequently, crypto companies must consider how they present plans and developments.

The FAQs also address whether trading platforms automatically become crypto promoters. The SEC staff explained that platforms must meet the existing Securities Act definition of a promoter before receiving that classification. Therefore, operating a crypto marketplace alone does not determine promoter status.

The latest SEC guidance adds further clarity to ongoing discussions around digital assets and securities rules. It outlines how staking tokens, functional networks, buybacks, and promotions may receive different treatment. However, each crypto project requires separate evaluation based on its specific activities and structure.

Crypto’s boundary with traditional finance is getting thinner, and this week’s business developments show how both sides are converging on the same outcomes: faster payments, wider access to dollar-denominated assets, and settlement rails that can be used 24/7.

From Binance expanding its relationship with Circle to Canada’s largest banks testing tokenized deposits and the NYSE partnering with Blockchain.com on tokenized stocks, the thread tying these stories together is clear—stablecoins and tokenized real-world assets are becoming strategic battlegrounds for control over how money moves.

Key takeaways

• Binance is set to deepen its USDC push via a reported $100 million investment in Circle, alongside a five-year commercial agreement aimed at expanding USDC usage on the exchange.
• Canada’s six largest banks are exploring tokenized Canadian dollar deposits, framing them as programmable payment rails while keeping them legally tied to traditional deposits.
• Chainalysis data points to continued growth in cross-border stablecoin transfers—even as overall crypto market capitalization declines.
• The NYSE and Blockchain.com plan a regulatory-reviewed alternative trading system to bring tokenized US stocks and ETFs to crypto users.

Binance expands its Circle stake and USDC plan

Binance is increasing its exposure to stablecoin infrastructure through an expanded relationship with Circle. According to Cointelegraph’s report, the exchange is making a $100 million investment in Circle and signing a five-year agreement designed to broaden USDC adoption across Binance.

A Tuesday filing with the US Securities and Exchange Commission states that Circle issued Binance 1,237,011 shares of Class A common stock at $80.84 per share in a private placement dated Sept. 17. The purchase price was below Circle’s market price at the time before the deal closed, and the filing notes shares rose after the announcement.

The investment is paired with commercial terms: Circle will pay Binance a monthly incentive fee linked to the amount of USDC held through Binance’s Modular Smart Contract Wallet infrastructure. That structure matters because it aligns a major exchange’s product usage incentives with stablecoin circulation, rather than relying solely on trading activity.

Binance is subject to restrictions on selling, transferring, pledging, or otherwise disposing of the shares for up to two years, though the lockup may end earlier under certain termination provisions. Importantly for market observers, Binance retains voting rights during the restriction period.

Canadian banks explore tokenized deposits—without changing their legal nature

While stablecoins remain the most visible tokenized asset, banks are also exploring tokenization at the level of deposits. A joint initiative among Canada’s six largest banks is testing “tokenized Canadian dollar deposits,” a setup that could allow digital representations of bank deposits to move between participating institutions.

The project brings together Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group. The first phase focuses on transfers between these banks, with potential connectivity to other digital asset networks later. As with most pilot efforts, the immediate value is operational: determining how tokenized representations can improve settlement speed and payment programmability in a controlled environment.

This effort follows guidance from Canada’s Office of the Superintendent of Financial Institutions. As noted by Cointelegraph, the office clarified on Sept. 10 that tokenized deposits are “not legally distinct from traditional deposits,” meaning the use of blockchain or other technology does not change their underlying legal treatment.

The distinction is also practical for risk framing. Unlike fiat-backed stablecoins, tokenized deposits remain liabilities of the issuing banks. The participating banks argue the model could enable faster, programmable payments, and that additional deposit-taking institutions may join later.

The legal and regulatory nuance is especially relevant as Canada develops stablecoin rules. The country’s framework applies to non-financial institution issuers, while regulated banks and credit unions fall outside its scope—an asymmetry that could shape which institutions pursue which tokenized products.

Stablecoin use keeps rising as broader crypto shrinks

Even as the wider crypto market struggles, stablecoins—particularly those used for cross-border movement—continue to show resilience. Cross-border stablecoin flows rose nearly 78% to $220.3 billion over the year through June, according to data cited from Chainalysis.

Chainalysis reports a 77.5% increase in cross-border stablecoin flows alongside a 37% decline in total crypto market capitalization, which fell to $2.1 trillion. The analytics firm also identified 4,708 new cross-border corridors carrying $2.64 billion. Still, the report emphasizes that the biggest corridors accounted for 96.1% of total value, suggesting growth is expanding the map, but liquidity and volume remain concentrated in established routes.

Chainalysis attributes much of the rise to transfers averaging about $3,000, a pattern it characterizes as more consistent with trade, remittances, and savings than speculative activity.

In commentary relayed in the coverage, Tether economist Philip Gradwell described the activity as having a “steady rhythm” typical of business use. StraitsX CEO Tianwei Liu pointed to demand for dollar access, inflation hedging, and alternatives to capital controls outside Asia.

Broader regulatory direction is also part of the backdrop. Coverage notes that the US passed the GENIUS Act in July 2025, while the EU’s MiCA framework and Hong Kong’s licensing regime have placed stablecoins under more formal oversight. For investors and builders, this matters because compliance clarity can reduce friction for payment partners and institutional-adjacent users—often a prerequisite for stablecoin-based services to scale.

NYSE and Blockchain.com move tokenized US stocks toward crypto rails

Stablecoin settlement and tokenized deposits are not the only areas seeing institutional momentum. In the United States, the NYSE is also working to bring traditional market assets closer to crypto trading infrastructure.

As reported by Cointelegraph, Blockchain.com and the New York Stock Exchange are teaming up to bring tokenized US stocks and exchange-traded funds to crypto users through a planned alternative trading system.

The companies signed a memorandum of understanding covering the digital ATS, which remains subject to regulatory approval. The agreement additionally includes a market-data partnership between Blockchain.com and Intercontinental Exchange’s ICE Data Services.

In the same coverage, TD Securities’ Reid Noch described the move as an effort to capture retail trading activity, particularly as tokenized markets could enable 24-hour and weekend trading. Talos’ Tanay Ved added that crypto venues are increasingly evolving into multi-asset platforms rather than purely crypto-native exchanges.

Demand indicators underline why these partnerships are gaining attention. The value of tokenized stocks has reached $3.14 billion, and the number of holders has increased 72% to 3.87 million, according to RWA.xyz, figures cited in the original report.

The plan also aligns with recent US regulatory developments. The coverage references the SEC’s introduction of a five-year Innovation Exemption for certain tokenized securities venues. It notes that eligible tokenized stocks must represent actual shares with the same economic and governance rights as their traditional counterparts—an important constraint that distinguishes tokenization that mirrors existing shareholder rights from models that only approximate them.

What to watch next is whether these initiatives converge into a clearer operating standard for tokenized money and assets—especially around interoperability, settlement finality, and regulatory approvals. If pilots progress as expected, the next phase may be less about proving the concept and more about who controls the rails: exchanges and stablecoin issuers, bank networks, or regulated market infrastructure working directly with crypto platforms.

Former Democratic congressman Tim Ryan has said the CLARITY Act could still pass this year if lawmakers resolve disputes that blocked a 49–50 Senate vote on Sep. 15.

Tim Ryan, a former U.S. Congressman and Shyft Policy Board Member, told crypto.news that lawmakers still have a path to an agreement if they return to negotiations and make concessions. The Senate rejected cloture on a motion to proceed to the Digital Asset Market CLARITY Act on Sep. 15, with 49 senators voting yes, 50 voting no, and one not voting. The motion needed 60 votes to advance the bill to debate; it was not a final vote on passage.

Ryan identified unresolved concerns about ethics, consumer protection, illicit finance and stablecoin rewards. In his view, support for clear crypto rules remains bipartisan, even though senators have yet to agree on the details. He said a deal could still be reached in the lame-duck session later this year if both sides are willing to compromise.

“I think there’s still a path,” Ryan said. “The legitimate concerns around ethics, consumer protection, illicit finance and stablecoin rewards need to be addressed.”

CLARITY Act talks could resume after the failed vote

Ryan’s assessment follows a statement from seven Senate Democrats who voted against cloture. As previously covered by crypto.news, the senators described the result as “not the end” of their work on the legislation and pledged to continue bipartisan talks. Their statement came on Sep. 16, one day after the vote.

For Ryan, the distinction between a procedural defeat and a final rejection matters. Senators voted on whether to take up the measure, leaving its provisions open to further negotiation. He said the outstanding issues need answers before the bill can secure enough support to move forward.

The proposed legislation would set federal rules for digital asset markets and divide responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Under the framework described in earlier CLARITY Act coverage, qualifying digital commodities and their spot markets would fall primarily under CFTC oversight, while securities-related activity would remain with the SEC. The bill would also set registration requirements for crypto trading platforms and other market participants.

Ryan tied the negotiations to decisions being made by American companies. Businesses hiring workers and committing capital, he said, need rules they can rely on beyond a change in administration. He also argued that jobs and investment are at stake in the congressional debate.

SEC and CFTC actions have limits, Ryan says

With the bill stalled, both regulators have taken steps under their existing powers. Ryan said the agencies can make meaningful progress, but he does not believe their actions alone can provide the lasting framework businesses and consumers need.

“Agency action helps, but companies making long-term investments need long-term certainty,” he said. “If you’re building a business, hiring people and investing capital, you need to know the rules are going to last beyond the next administration.”

On Sep. 17, the SEC granted temporary, conditional relief for certain venues trading tokenized U.S.-listed stocks through permissioned automated market makers and liquidity pools. The order lasts five years after publication and requires eligible stock tokens to give holders the same rights as equivalent traditional shares.

The SEC also placed limits on trading symbols and volume, required trading to stop when the underlying stock is halted, and sought public comment on the exemption. Its tokenized stock order concerns securities already within the SEC’s remit, rather than settling how every crypto asset should be regulated.

The CFTC’s Market Participants Division issued a separate no-action position that day for qualifying passive software providers. Subject to stated conditions, division staff will not recommend enforcement over a failure to register as an introducing broker, or as an associated person of one, when the software helps users trade with registered derivatives firms and markets. The CFTC developer relief applies to the activities covered by the letter; it does not change the underlying registration law.

The CFTC also submitted a proposed framework for crypto transactions and markets for White House review on Sep. 17. That submission begins a review process: the proposal would still need to return to the commission for a vote before publication and public comment. CFTC Chair Michael Selig had previously directed staff to examine what market rules the agency could establish using its existing authority.

Bitcoin, XRP and Solana remain part of the classification debate

Asked whether assets could face conflicting treatment, Ryan said uncertainty remains despite guidance from the two agencies. He pointed to Bitcoin, XRP and Solana as assets for which regulators have provided more clarity, while calling for Congress to establish consistent rules that businesses and consumers can use without resolving classification disputes through individual court cases.

The SEC’s March 17 interpretation, issued with CFTC guidance, listed Bitcoin, XRP and Solana among its examples of digital commodities. The SEC based that assessment on its understanding of the assets’ characteristics, terms and functions at the time. The interpretation also said a crypto asset that is not itself a security can be involved in a transaction subject to securities law, and that the agency may refine its views after public feedback.

For U.S. token holders and platforms, Ryan’s concern is how those distinctions apply when an asset is sold or traded. He said businesses and consumers should have consistent rules instead of having to litigate the treatment of assets case by case.

Update (Sept. 25, 10:20 pm UTC): This article has been updated to clarify Kristin Smith’s role with the Solana Policy Institute.

Summer Mersinger, formerly a commissioner with the US Commodity Futures Trading Commission (CFTC), will step down as CEO of the Blockchain Association and leave the advocacy organization at year’s end after one of the group’s legislative priorities faced a significant setback in Congress.

On Friday, the Blockchain Association (BA) announced that Mersinger would step down as CEO on Oct. 16, when the group’s former chief executive, Kristin Smith, would return to lead the organization as interim CEO in addition to her existing role as president of the Solana Policy Institute. Mersinger joined the Blockchain Association in June 2025 after leaving the CFTC three years before her second term as a commissioner was scheduled to end.

“I came here from the CFTC because I believed this industry deserved clear rules of the road and a credible, unified voice making the case for them in Washington,” said Mersinger on her departure from the BA.

The organization cited Mersinger’s efforts to advance the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, as well as helping to provide “regulatory clarity at the [Securities and Exchange Commission] and CFTC.” 

Notably, the organization did not mention the Digital Asset Market Clarity Act under consideration in the Senate, which the BA repeatedly pushed lawmakers to support. The bill failed to gain enough votes from Democrats and Republicans in a cloture motion earlier this month, which many experts expect will leave the legislation in limbo until 2027.

The Blockchain Association did not immediately respond to questions about Mersinger’s plans for 2027.

Related: CFTC issues warning over risky prediction market ‘mention’ contracts

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