Selig Vows to Press On with Crypto Rules Despite Clarity Act Gridlock

CFTC Chairman Michael Selig has reaffirmed his commitment to regulating the crypto market, even if the Clarity Act fails to pass. The legislation, which aims to give the agency primary regulatory authority over digital assets, remains delayed in the Senate due to disputes over ethics provisions.

Selig stated that congressional inaction would not hinder the CFTC's pursuit of crypto market structure regulations under current law. This move is significant as it indicates the agency's willingness to press on with its plans despite the uncertainty surrounding the Clarity Act.

The CFTC is also working on finalizing rules for prediction market event contracts, and has opened a public consultation on 'compute' futures linked to AI infrastructure. The regulator is jointly developing standards for these products with the Commerce Department to ensure only appropriate contracts enter the market.