The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stated that following the U.S. Senate's 49-50 vote on Tuesday to reject the Clarity Act, both agencies will use their existing statutory authority to act decisively and provide certainty for American investors and cryptocurrency entrepreneurs. SEC Chair Paul Atkin said on Wednesday that the SEC would advance cryptocurrency rulemaking with or without legislation. CFTC Chair Mike Selig also stated that the agency is prepared to issue rules for the new financial frontier to help President Donald Trump achieve a future-oriented market structure for crypto asset regulation. Analysts at Bernstein and JPMorgan Chase expect both agencies to adopt an aggressive and swift rulemaking approach.