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CFTC Chair Prepares Crypto Rules as Clarity Act Stalls
CFTC Chair Selig directs staff to draft crypto market rules if Congress fails to pass the Clarity Act. He said legislation is preferred but the agency will act alone if needed.
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Commodity Futures Trading Commission Chair Michael S. Selig has directed agency staff to begin developing rules for crypto market structure, preparing the regulator to act if Congress fails to pass the Clarity Act.
Speaking Thursday at the inaugural meeting of the CFTC's Innovation Advisory Committee, Selig said passing bipartisan market structure legislation remains his preferred path. If the bill remains stalled, he said the CFTC will use its existing authority to establish rules for crypto markets. "The most important step towards future-proofing this industry is passing this bipartisan bill," Selig said.
The Clarity Act would create a federal framework for digital assets and clarify the roles of the CFTC and the Securities and Exchange Commission in overseeing crypto. Selig said legislation would make those rules harder for a future administration to reverse.
"Passing Clarity is the surest way that we can prevent another Gary Gensler from running a rogue campaign of lawfare against the individuals and companies in this room today," Selig said, referring to the former SEC chair who brought several costly lawsuits against crypto startups.
On Wednesday, President Donald Trump urged Congress to pass a "fair version" of the Clarity Act. If Congress fails to act, Selig said the CFTC is prepared to move ahead on its own. "If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets," he said.