CFTC to Keep Drafting Crypto Rules Under Existing Authority
The US Commodity Futures Trading Commission (CFTC) will continue to draft its own cryptocurrency rules using existing authority, according to Chair Michael Selig.
Selig made the statement during his participation in the president's Digital Asset Markets Working Group, where officials reviewed each agency's statutory authority and areas requiring additional legislation.
The CFTC is considering a separate market framework under the Commodity Exchange Act that would allow it to oversee cryptocurrency exchanges and leveraged trading.
The agency is also reviewing a plan that would conditionally permit services by unregistered crypto exchanges, as long as they meet certain requirements.
This move comes after the US crypto market structure bill, known as the Clarity Act, failed in a Senate cloture vote last month.