Selig Promises Swift Crypto Regulation if Congress Fails

CFTC Chair Michael Selig has vowed to establish rules for the cryptocurrency market if Congress fails to pass legislation, known as the Clarity Act. The bill aims to create a regulatory framework by splitting oversight between the CFTC and the Securities and Exchange Commission (SEC).

The CFTC has been working on establishing a regime for crypto asset markets using its existing authorities. Selig stated that his staff is exploring rules to codify a CFTC market structure for crypto assets, which would designate exchanges as crypto asset markets and permit them to offer trading.

Under these proposed rules, developers would be able to offer their protocols in a legal and compliant manner. Selig emphasized the importance of moving swiftly on establishing these rules if Congress fails to pass legislation.