Selig Calls for Action on Crypto Regulations Amid Senate Blockage

US Commodity Futures Trading Commission (CFTC) Chairman Mike Selig believes it's 'time to act' on new regulations for the cryptocurrency market. In an interview with CNBC, Selig stated that the CFTC is working on rules for structuring the cryptocurrency market within its existing powers.

The announcement comes just eight days after the Senate blocked the Crypto Act (CLARITY Act). The CFTC's new regulatory steps aim to create a new market category for futures contracts, allowing exchange platforms to offer leveraged crypto trading. However, legal regulation is still needed for the spot market.

Selig argued that the CFTC could act even without congressional approval. He emphasized the need for reassessing all of its rules for the transition to 24/7 on-chain markets driven by algorithms and automated finance. This means the CFTC will take on a regulatory role in markets where software manages trading.

The developments present opportunities for futures leaders like Hyperliquid and Lighter, who are expected to achieve greater integration into the US market as the CFTC takes further steps.