Michael Selig and Paul Atkins pledged to use their agencies’ existing powers to provide crypto clarity after the failed Senate vote.

CFTC Chairman Michael Selig said the agency is “ready to ship” crypto rules using its existing statutory authority. The Senate rejected a motion to advance

As the parties dig in their heels, the market structure bill hasn't yet amassed the votes it would need to clear the first Senate hurdle scheduled for Tuesday.

The Senate blocked the CLARITY Act 50 to 49. XRP fell 7.98%, while Bitcoin dropped by 1.42%. Here's what each coin retains without the bill.

Investors were quick to pull money out of spot Bitcoin (CRYPTO: $BTC) exchange-traded funds (ETFs) after the Clarity Act failed to advance in the U.S. Senate. Market data shows that a dozen Bitcoin ETFs in the U.S. saw outflows of $450 million U.S. on Sept. 15, the biggest one-day redemption since June 25th of this year.

Sen. Thom Tillis immediately filed a motion to reconsider, keeping alive a procedural path for the Senate to revisit the CLARITY Act.