CFTC Moves Forward with Crypto Regulations Despite Stalled Clarity Act

U.S. Commodity Futures Trading Commission (CFTC) Chairman Mike Selig has directed his staff to create crypto regulations if Congress fails to pass the Digital Asset Market Clarity Act.

The CFTC, which regulates derivatives including a wide range of crypto assets, would use its existing authorities to establish a regime for crypto asset markets if the legislation stalls in the Senate.

Selig emphasized that passing the Clarity Act is the 'surest way' to prevent another 'rogue campaign of lawfare against individuals and companies', referencing former SEC Chairman Gary Gensler's approach to regulating crypto.