US Crypto Regulation Heads Towards Clarity, Regardless of CLARITY Act
Coinbase CEO Brian Armstrong believes that clarity is coming to US crypto regulation, regardless of whether the CLARITY Act passes. He pointed out two possible outcomes: a Senate vote on September 15 or new rules from the CFTC and SEC by September 16.
According to Armstrong, either scenario would bring much-needed regulatory clarity to the industry. He emphasized that these developments are not dependent on Congressional action but rather on the efforts of federal regulators.
The Commodity Futures Trading Commission (CFTC) Chairman Mike Selig announced plans to use existing authorities to establish rules for crypto asset markets if the CLARITY Act remains stalled due to Democratic obstruction.
Selig stated that he had directed CFTC staff to explore rules for a market structure framework, which would allow both existing registrants and certain non-registrant crypto exchanges to receive a designation as a designated contract market. This move is seen as an attempt by the agency to provide greater certainty and protections for developers of on-chain finance protocols.