U.S. CFTC Chair: Regardless of whether the Clarity Act is passed or not, the cryptocurrency industry will eventually get regulatory rules.
1 hours ago
According to Bloomberg, U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said Thursday that the crypto industry will ultimately get market structure regulations even if Congress fails to pass landmark legislation on the sector. In an interview with Bloomberg Television ahead of the first meeting of the CFTC’s Innovation Advisory Committee, Selig stated: “Building market structure is very important. We can achieve this either through regulatory rules or legislation. The CFTC is weighing a range of potential cryptocurrency rules, but is currently awaiting progress on the Clarity Act — legislation that would grant the CFTC primary authority to regulate the digital asset industry. The bill is currently stuck in the Senate, which plans to hold a procedural vote on it in mid-September. However, major disagreements remain, making it unlikely to secure enough votes before lawmakers pivot to the November midterm elections.” Selig added that legislation is the most reliable way to establish crypto market structure, but the agency also holds considerable authority under existing regulations. If it needs to exercise that power to craft rules without supporting legislation, it will do so.
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