Morning Minute: CFTC Will Give Crypto Clarity If Congress Won’t
CFTC Chair Michael Selig said the agency will move ahead with crypto market structure rules if Congress fails to advance the Clarity Act. The bill is stalled in the Senate and still lacks enough Democratic support to pass a procedural vote. Selig said CFTC staff are already exploring rules to create a digital asset market regime and will be directed to formally propose them if lawmakers do not act. His plan could bring both registered and unregistered crypto exchanges under CFTC oversight, likely allow leveraged and margined crypto trading under tailored rules, and include direct outreach to onchain protocol developers about lawful U.S. operations. Selig still prefers legislation, arguing Congress is the best way to make crypto rules durable and prevent future hostile enforcement.
