Selig Prepares CFTC for Crypto Rules if Congress Fails on Clarity Act

CFTC Chair Michael S. Selig has instructed his staff to begin developing rules for crypto market structure in case Congress fails to pass the Clarity Act.

The bill, which aims to establish a federal framework for digital assets and clarify the roles of the CFTC and SEC, has been stalled in Congress.

Selig stated that passing the Clarity Act is his preferred path forward, but if it remains stuck, he will use the CFTC's existing authority to create a regulatory framework for crypto markets.

This move would bring current CFTC registrants and unregistered crypto exchanges under CFTC oversight and allow them to offer leveraged or margined trading in digital assets.

Selig also directed his staff to explore how developers of on-chain finance protocols can operate legally in the US, referencing comments made by President Trump that Selig is working to bring decentralized perpetual futures exchange Hyperliquid into the country.