CFTC Chair Threatens Swift Action on Crypto Regulations
CFTC Chair Michael Selig has vowed to move swiftly on establishing rules for the cryptocurrency market if Congress fails to pass legislation this year.
The Clarity Act, which aims to create a regulatory framework for the industry by splitting oversight between the CFTC and the Securities and Exchange Commission (SEC), is still stalled in the Senate due to Democrat obstruction.
Selig stated that his agency stands ready to implement the bill immediately if passed, but will utilize its existing authorities to establish a regime for crypto asset markets if it does not pass this year.
The CFTC Chair noted that he has directed his staff to begin exploring rules to codify a CFTC market structure for crypto assets using the agency's existing authorities, which would designate crypto exchanges as crypto asset markets and permit trading.