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CFTC Chair Vows to Write Crypto Rules If Congress Stalls
Selig told crypto executives he will use existing authority to create a market structure for digital assets if Clarity Act remains stuck in the Senate.
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CFTC Chair Michael Selig said Thursday he will impose a crypto regulatory framework using existing agency authority if Congress fails to advance the Clarity Act. The bill, which would give the CFTC primary oversight over spot digital-asset markets, has been stuck in the Senate since lawmakers left for August recess without a procedural vote. It is still short of the roughly six Democratic votes needed to clear the 60-vote threshold.
Speaking at the inaugural meeting of the agency's Innovation Advisory Committee, Selig told a room of crypto executives he is prepared to act unilaterally.
"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," Selig said.
He has already directed staff to explore rules that would codify a CFTC market structure for digital assets. If the bill does not move in September, Selig said he will direct them to formally propose those rules. "Rest assured, I will direct CFTC staff to move swiftly," he added.