Caroline D. Pham, CEO of MoonPay Institutional and former acting CFTC Chairman, recently posted an intriguing message on X. She wrote, “There was always a Plan B,” and her message immediately
Caroline D. Pham, CEO of MoonPay Institutional and former acting CFTC Chairman, recently posted an intriguing message on X. She wrote, “There was always a Plan B,” and her message immediately caught the attention of the XRP community.
In this case, Plan B refers to the SEC and CFTC’s rulemaking. The CLARITY Act failed its cloture vote on September 15, falling 49-50, 11 votes short of the 60 needed to advance to floor debate.
As the legislative window now closed ahead of October’s election recess, the regulatory mantle has passed from Congress to the agencies.
There was always a Plan B
— Caroline D. Pham (@CarolineDPham) September 24, 2026
SEC Chairman Paul Atkins had already made his position clear before the vote. He promised to act within the SEC’s statutory authority with or without legislation, and he delivered. On August 18, the SEC proposed Regulation Crypto Assets, a new offering framework with two registration exemptions for crypto investment contracts.
On September 1, the commission followed with a comprehensive overhaul of transfer agent rules, the first since the 1970s. The updated rules expressly permit transfer agents to use blockchain and distributed ledger technology to maintain securities ownership records. The proposal introduces new reporting requirements on DLT usage and tokenized securities activity.
On September 17, two days after the failed vote, the SEC issued the Innovation Exemption. It grants five-year relief for participants facilitating trading of tokenized NMS stocks through automated market makers on public blockchains. The exemption runs until September 17, 2031.
CFTC Chairman Michael Selig said on the day of the Senate vote his agency was “locked in and ready to ship rules.” The CFTC acted quickly. On September 17, it submitted Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets to the White House Office of Information and Regulatory Affairs under RIN 3038-AF80.
The same day, it issued Staff Letter 26-25, expanding no-action relief for passive software providers across the entire industry, beyond the single firm that previously held it.
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Pham’s post attracted responses from the crypto community. One commenter flipped the narrative, writing, “Plan A was CFTC SES setting regulations; Plan B was clarity.” Others celebrated the victory, with one commenter writing, “We were praying for plan B. Slow, then all at once.”
That comment referenced a recent post from EasyA co-founder Dom Kwok suggesting XRP would climb rapidly. Many other commenters also suggested that rulemaking has always been the main plan. The reaction suggests the community sees agency rulemaking as a credible path forward, not a consolation prize.
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