CFTC Chair Readies Crypto Rules If Congress Fails to Pass Clarity Act
CFTC Chair Michael S. Selig said staff have been directed to begin drafting crypto market structure rules under the agency’s existing authority, in case Congress does not pass the Clarity Act. He still prefers bipartisan legislation, saying it would create a durable federal framework for digital assets and clarify CFTC and SEC oversight. But if the bill stalls, the CFTC is prepared to act on its own, including setting rules for crypto asset markets and possibly bringing both registered and currently unregistered exchanges under CFTC oversight for leveraged or margined trading. Selig also said staff will engage with on-chain finance developers to help them operate legally in the U.S. He said Congress will be given more time, but the agency is ready to move quickly if needed.
