CFTC Chair Selig Directs Staff to Draft Crypto Market Structure Rules if the 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.
33 Articles
33 Articles
CFTC Chair Selig Directs Staff to Draft Crypto Market Structure Rules if the Clarity Act Fails
The head of the U.S. derivatives regulator told the crypto industry Thursday that he has a fallback. Michael Selig, chair of the Commodity Futures Trading Commission, said that if the Clarity Act dies in the Senate, his agency will use the authority it already holds to build a market structure regime for crypto. Selig spoke at the inaugural meeting of the CFTC‘s Innovation Advisory Committee. He said he has directed staff to explore rules creati…
CFTC chair vows to ‘move swiftly’ on crypto rules if Congress fails to pass legislation
The head of the Commodity Futures Trading Commission (CFTC) vowed Thursday to “move swiftly” on establishing rules for the cryptocurrency market if Congress fails to pass legislation on the matter this year. CFTC Chair Michael Selig said at a meeting with crypto and prediction market executives that the agency stands “ready to begin immediately implementing…
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…
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