Selig Warns of Backup Plan for Crypto Regulation

The US crypto regulation debate has entered a new phase as CFTC Chair Michael S. Selig warns that if Congress fails to pass the CLARITY Act, the agency will use its existing authority to develop rules for the industry.

Selig made this statement around the launch of the CFTC's Innovation Advisory Committee, which focuses on emerging technologies including crypto assets and blockchain.

The committee has also established an Innovation Task Force aimed at helping develop clearer rules for new financial technologies.