CFTC Seizes Initiative on Crypto Rules After CLARITY Act Setback
The Commodity Futures Trading Commission (CFTC) is planning to introduce new rules for the crypto industry, despite the failure of the CLARITY Act to pass the Senate. CFTC Chair Michael Selig stated that the agency will use its existing authority to launch new regulations, as the US needs clear crypto laws and consumer protections.
The move comes after the Senate voted 49-49 on September 15, failing to pass the market structure bill. Selig noted that the outcome was 'unfortunate' and that Americans deserve regulatory clarity in the crypto space.
The CFTC's new rules are expected to bring much-needed clarity to the industry, and some experts believe it could be a major milestone for US crypto regulation. Industry leaders such as Bitwise CIO Matt Hougan and Coinbase CEO Brian Armstrong have expressed support for the regulator's approach, with Armstrong stating that 'The CFTC and SEC are stepping up. Go time.'