CFTC to Codify Crypto Rules If Clarity Act Fails in Senate

CFTC Chair Mike Selig has warned that if the Digital Asset Market Clarity Act fails to pass in the Senate, his agency will use existing authorities to establish a crypto market-structure regime. The bill needs 60 votes in a final three-week window and is currently stalled due to Democrat obstruction.

Selig told the Innovation Advisory Committee that he has directed staff to work with developers to build rules for protocols to be offered legally in the US, citing President Donald Trump's call to codify a 'future-proof' digital asset market structure.

The move comes as the SEC proposed its own major crypto rule, Regulation Crypto Assets, which would allow startups to raise funds with fewer regulatory hurdles. This is part of an effort to increase regulatory clarity for the industry and support adoption and funding.