CFTC Chair Says Agency Will Draft Crypto Rules With or Without Clarity Act

Michael Selig, chairman of the US Commodity Futures Trading Commission, said the agency will develop a regulatory framework for the crypto industry whether or not Congress passes the market structure bill known as the Clarity Act.

Odaily and other outlets reported on Aug. 20 that Selig said the CFTC would move ahead with a crypto regulatory framework even if the Clarity Act does not clear Congress.

Legislation is the clearest way to establish a market structure for crypto, Selig said. Still, he added, the CFTC has substantial authority under existing rules and will use it to put a framework in place if needed without legislative backing.

The US Senate plans to hold a cloture vote in mid-September, after its recess ends, to begin consideration of the Clarity Act. President Donald Trump said at a White House event on Aug. 19 that his administration is working to ensure the US maintains its leadership in crypto and that Congress should pass the bill.