U.S. CFTC Chair: If the CLARITY Act Remains Stalled, We Will Move Ahead With Crypto Market Rules

U.S. CFTC Chair Mike Selig @ChairmanSelig said at the inaugural Innovation Advisory Committee on August 21 that if Democratic obstruction continues to stall the CLARITY Act, the CFTC will use its existing statutory authority to establish a regulatory framework for crypto asset markets.

Selig said he has directed staff to explore rules that could allow both existing registrants and currently unregistered crypto exchanges to be designated as a specialized "crypto asset DCM," where they could offer leveraged or margined crypto trading under CFTC oversight. If the bill ultimately fails to advance, the CFTC will move quickly to propose the new rules.