The Commodity Futures Trading Commission (CFTC) has sent its new cryptocurrency regulations to the White House for review, amid delays in Congress over the CLARITY Act.

Following a failed Senate vote on the Act, leaders of the Securities and Exchange Commission (SEC) and the CFTC said they are ready 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.