CFTC Vows to Press On with Crypto Regulation Despite Senate Vote Failure
The US Commodity Futures Trading Commission (CFTC) Chairman Michael Selig announced that the institution will continue to regulate cryptocurrencies using its existing legal powers, despite the failure of the Senate vote on the Clarity Act. The act aimed to establish a comprehensive regulatory framework for the cryptocurrency market.
Selig described the Senate outcome as 'unfortunate', emphasizing the need for Americans to have regulatory clarity, legal certainty, and consumer protections in the crypto asset markets. He recalled that US President Donald Trump had promised to create a future-proof crypto asset market structure, and stated that the CFTC would contribute to realizing this goal within its existing powers.
The CFTC Chairman emphasized that the US would continue to be the 'crypto capital of the world', indicating that the institution was ready to publish rules for the new financial system. This comes amidst heightened debate in Congress about what steps regulators might take under existing legislation if a comprehensive crypto market structure law cannot be advanced.