CFTC Sets Deadline for Crypto Regulation if Congress Fails on CLARITY Act
CFTC Chairman Michael Selig announced that his agency is prepared to establish a regulatory framework for crypto markets if Congress fails to pass the Digital Asset Market Clarity (CLARITY) Act.
The CFTC will use its existing authority to develop rules for crypto asset markets, and Selig directed staff to begin working on this initiative immediately.
The agency's preferred outcome remains congressional approval of the CLARITY Act, which would differentiate the respective regulatory responsibilities of the CFTC and the Securities and Exchange Commission (SEC) over digital assets.
Selig emphasized that passage of the bill is 'the surest way that we can prevent another Gary Gensler from running a rogue campaign of lawfare against the individuals and companies in this room.'