The Commodity Futures Trading Commission (CFTC) has sent its new cryptocurrency regulations to the White House for review, amid delays in the passage of the CLARITY Act in Congress. Following a failed Senate vote on the Act, leaders from the Securities and Exchange Commission (SEC) and CFTC said they are prepared to develop their own regulatory framework. Coinbase Chief Executive Officer Brian Armstrong said the CLARITY Act is no longer necessary, as the SEC and CFTC can establish clear regulations independently.