U.S. CFTC Chief Puts Staff on Notice to Create Crypto Regulations if Clarity Act Fails
Mike Selig said the agency will draft a crypto market label and other rules to move quickly if Congress misses its deadline.
- On Thursday, Commodity Futures Trading Commission Chairman Mike Selig announced that if the U.S. Senate fails to pass the Digital Asset Market Clarity Act, his agency will independently establish a regulatory regime for crypto asset markets.
- The Clarity Act requires 60 votes to pass, but advancement depends on resolving Democrat concerns regarding ethics provisions linked to President Donald Trump's $1.4 billion in crypto investments.
- Calling the act the "surest way" to prevent another "rogue campaign of lawfare" like former SEC Chair Gary Gensler's, Selig stated he has directed staff to codify a future-proof market structure using existing authorities.
- While SEC Chair Paul Atkins argued that Congress passing the bill remains the "most important priority," his agency on Tuesday separately proposed Regulation Crypto Assets to allow fundraising with fewer regulatory hurdles.
- As the only Senate-confirmed commissioner, Selig has directed the agency to assert "exclusive jurisdiction" over prediction markets like Kalshi, while continuing to explore developer protections despite the lack of a full five-member panel.
21 Articles
21 Articles
CFTC plans crypto rules regardless of CLARITY Act
The Commodity Futures Trading Commission has prepared digital asset market structure proposals that could move forward even if Congress does not pass the CLARITY Act. Whale Insider reported on Aug. 20 that Selig said the CFTC already had regulatory proposals…
CFTC Readies Own Crypto Market Rules as Congress Stalls CLARITY Act
If Congress doesn’t pass the CLARITY Act, the Commodity Futures Trading Commission (CFTC) will use its existing authorities to begin establishing a crypto asset market regime, CFTC Chairman Michael S. Selig said Thursday (Aug. 20). In remarks delivered at the Innovation Advisory Committee Conference in Washington, D.C., Selig said: “We owe it to the American people to do so. President Trump promised to deliver a crypto asset market structure, an…
CFTC Chair Says Agency Will Move Forward on Crypto Regulation if CLARITY Fails - Invest In Crypto News
Michael Selig, who chairs the US Commodity Futures Trading Commission (CFTC), signaled that the agency would not be idle while Congress continued to debate provisions in a cryptocurrency market structure bill. In prepared remarks for the inaugural meeting of the CFTC’s Innovation Advisory Committee on Thursday, Selig said that the commission would move forward on crypto regulations even in the absence of the Digital Asset Market Clarity (CLARITY…
CFTC to set crypto regulations if Clarity Act stalls, says chairman
The CFTC's proactive stance may accelerate regulatory clarity, potentially stabilizing crypto markets and influencing digital asset valuations. The post CFTC to set crypto regulations if Clarity Act stalls, says chairman appeared first on Crypto Briefing.
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