CFTC Chief Orders Staff to Develop Crypto Regulations Amid Clarity Act Stalemate

U.S. Commodity Futures Trading Commission (CFTC) Chairman Mike Selig has instructed his staff to develop regulations for crypto assets in case Congress fails to pass the Digital Asset Market Clarity Act.

Selig made the statement at the inaugural meeting of the Innovation Advisory Committee on Thursday, emphasizing that if the Clarity Act stalls, the CFTC will use its existing authorities to establish a regulatory framework for crypto asset markets.

The CFTC chief referenced President Donald Trump's call to codify a future-proof digital asset market structure, stating that his agency will heed this call and move swiftly to implement regulations using its existing powers.

Selig also mentioned the importance of collaborating with developers to build protocols that can operate in compliance with U.S. laws, ensuring that they are 'future-proof' and protected from potential regulatory changes.