CFTC to Build Own Crypto Framework After Senate Setback
The US Commodity Futures Trading Commission (CFTC) is taking steps to establish its own regulatory framework for cryptocurrencies. According to Michael Selig, a CFTC commissioner, the agency will use its existing legal authority under current law to build this framework.
This move comes after the Senate failed to advance the Clarity Act on September 16 by a vote of 49-50. The measure aimed to provide clarity and guidance for cryptocurrency regulations in the US.
Selig stated that despite the setback, the CFTC will continue to push forward with its plans to regulate the crypto market using its existing powers. One option being explored is placing leveraged crypto trading, including perpetual futures, under the agency's regulatory jurisdiction.