CFTC to Continue Drafting Crypto Rules Under Existing Authority

The US Commodity Futures Trading Commission (CFTC) will continue to draft its own cryptocurrency rules under existing authority, according to CFTC Chair Michael Selig.

This decision comes as the agency considers introducing a separate market framework under the Commodity Exchange Act that would allow it to oversee cryptocurrency exchanges and leveraged trading.

The CFTC is also reviewing a plan to conditionally permit services by unregistered crypto exchanges, as long as they meet certain requirements.

Selig participated in the president's Digital Asset Markets Working Group, where officials reviewed each agency's statutory authority and areas that may require additional legislation.

Regulators will prepare a framework to support the growth of a new area of finance, Selig said.