US Regulators Step in as Crypto Legislation Fades
The US financial regulatory landscape is shifting as Trump's regulators take center stage to create crypto rules. The promise of turning the US into a 'crypto nirvana' made by President Trump two years ago may not be fulfilled through legislation, but the SEC and CFTC are stepping in.
'President Trump promised to deliver a future-proof crypto asset regulatory market structure one way or the other, and we will help him get the job done using our existing statutory authorities,' said Selig. The CFTC is locked in and ready to ship its rules for the new frontier of finance.
The regulators' plans may face fierce resistance from Republican lawmakers, Wall Street giants, and even some Democratic supporters who are wary of the agencies' friendly posture toward crypto firms. Without the Clarity Act, which would have provided cover for the agencies' crypto rules in courts and future administrations, the risks of reversal or crackdown on the industry loom.