CFTC to Push Directly for Crypto Regulation After Clarity Act Blocked

U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selik has announced that he will push for cryptocurrency regulation directly, using the Senate's existing authority. This move comes after the U.S. Senate blocked progress on the Clarity Act, a bill aimed at providing regulatory clarity to the crypto market.

The CFTC is ready to roll out rules for the 'new financial frontier', according to Selik. The remarks came less than 24 hours after the Senate vote ended 50 to 49, with Democrats raising concerns about potential conflicts of interest and bank lobbying that questioned stablecoin revenue models.

Bitcoin fell below $76,000 following the news, while Coinbase and Circle shares dropped 8 percent and 11 percent respectively. Selik presented an alternative to calm market unease, stating that 'Americans deserve regulatory clarity, legal certainty and consumer protection in the crypto asset market.'