CFTC Chief Vows Swift Action on Crypto Rules if Congress Fails
CFTC Chair Michael Selig has vowed to 'move swiftly' on establishing rules for the cryptocurrency market if Congress fails to pass legislation on the matter 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), has been stalled due to Democrat obstruction.
Selig said that if the bill continues to stall, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets.
The agency's head stated 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.'
Crypto exchanges would be designated by the CFTC as crypto asset markets and permitted to offer trading, Selig said.