CFTC Commissioner Directs Staff to Create Own Crypto Market Rules

CFTC Commissioner Rostin Behnam has directed his staff to explore rules for crypto asset markets, which could establish a federal market structure without waiting for Congress. The move comes as the Digital Asset Market Clarity Act stalls in the Senate.

Behnam explained during an inaugural meeting of the CFTC Innovation Advisory Committee that legislation remains his preferred route but made clear the agency is preparing to use its existing authorities.

The framework could cover existing CFTC registrants and cryptocurrency exchanges operating outside the agency's registration system. Those platforms could register as a specialized type of designated contract market, or DCM, called a 'crypto asset market.'