Selig Charts New Course for Cryptocurrency Regulation
CFTC Chairman Michael Selig announced that the agency is moving forward with its own plan to regulate the cryptocurrency industry, despite a recent setback in Congress. The Clarity Act, which aimed to provide federal legislation for cryptocurrencies, was derailed by a 50-49 Senate vote.
The outcome of the vote left the industry without clear regulatory guidance, causing a market reaction with Bitcoin falling below $76,000 and shares of Coinbase and Circle plummeting by 8% and 11%, respectively. However, Selig intervened promptly to quell the panic and presented an alternative strategy for the executive branch.
'The administration promised to deliver a future-proof crypto asset regulatory market structure one way or the other, and we will help get the job done using our existing statutory authorities,' Selig said. 'The U.S. is and will remain the crypto capital of the world.'