CFTC Commissioner Says Agency Will Use Existing Powers to Build Crypto Rules

The US Commodity Futures Trading Commission plans to build its own regulatory framework for cryptocurrencies using authority already granted under current law.

Michael Selig, a commissioner at the CFTC, called the Senate’s failed cloture vote on the Clarity Act on September 16 an “unfortunate outcome,” according to Odaily and other media reports. He added that the agency would keep pushing to establish a regulatory framework for the crypto market using its existing legal authority.

A day earlier, on September 15, the Senate voted on whether to advance the Clarity Act to floor debate. The measure failed by a vote of 49 to 50.

Selig said the CFTC had already been reviewing ways to regulate the crypto market under its current powers. The Trump administration is committed to building a crypto market structure that can endure into the future, he said, and the CFTC would help make that structure a reality even if Congress fails to advance related legislation.

One option under review would place leveraged crypto trading, including perpetual futures, under the agency’s regulatory jurisdiction. The CFTC is also considering a framework that would allow on-chain financial protocols to legally provide services in the US.