CFTC Moves Forward with Crypto Regulations Despite Clarity Act Uncertainty

The US Commodity Futures Trading Commission (CFTC) will create a regulatory framework for the crypto industry, even if Congress does not pass the Clarity Act.

CFTC Chairman Michael Selig stated that the agency has substantial authority under existing rules to establish a market structure for crypto. While he acknowledged that legislation is the clearest way to do this, Selig emphasized that the CFTC will move forward with its plans regardless of whether the Clarity Act passes.

The Senate is set to hold a cloture vote on the bill in mid-September after its recess ends. President Donald Trump has expressed support for the Clarity Act, stating that his administration is working to ensure the US maintains its leadership in crypto.