CFTC chair threatens to write crypto rules without Congress
CFTC Chair Michael S. Selig has announced that the agency will begin drafting its own crypto market regulations if Congress fails to pass the Clarity Act. Selig emphasized that agency-led rulemaking is necessary to prevent future regulatory overreach similar to past SEC actions.
Why it matters
This move signals a potential shift in how digital assets are regulated in the U.S., potentially bypassing legislative gridlock to establish industry standards.
The federal regulator that oversees commodity markets is preparing to write its own crypto rulebook if lawmakers cannot get a bill across the finish line. CFTC Chair Michael S. Selig said Thursday he has directed agency staff to begin exploring crypto market structure rules using the commission’s existing authority. This move could reshape how digital asset exchanges and decentralized finance protocols operate in the United States.
For anyone who does not follow crypto regulation closely: the Clarity Act is a bipartisan bill that would create a federal framework for digital assets and spell out which agency, the CFTC or the Securities and Exchange Commission, oversees what. It has been stuck in Congress. Selig wants the bill to pass. But he made clear that waiting around is no longer the only option.
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