U.S. Commodity Futures Trading Commission Chair Michael Selig said the crypto industry will eventually get market structure rules even if Congress fails to pass the Clarity Act. Speaking to Bloomberg Television ahead of the CFTC’s first Innovation Advisory Committee meeting, Selig said building market structure is essential and can be done either through rulemaking or through legislation. He said the agency is weighing a range of possible crypto rules while waiting to see what happens with the Clarity Act, a bill that would give the CFTC primary authority over the digital asset industry. The legislation is currently stalled in the Senate, which is planning a procedural vote in mid-September. Major disputes remain, however, and those could make it difficult for the bill to secure enough support before lawmakers shift their focus to the November midterm elections. Selig added that legislation remains the most reliable way to lock in crypto market structure, but he said the CFTC already has substantial authority under existing rules and would use that authority to write regulations if needed.
According to Bloomberg, U.S. Commodity Futures Trading Commission Chair Michael Selig said Thursday that the crypto industry will eventually face market structure rules even if Congress does not pass landmark legislation tied to the sector.
Speaking to Bloomberg Television ahead of the CFTC’s first Innovation Advisory Committee meeting, Selig said, 「Building market structure is very important. We can do that through rulemaking, and we can do that through legislation.」
CFTC is still waiting on the Clarity Act
Selig said the CFTC is weighing a range of potential cryptocurrency rules, but for now it is still waiting for movement on the Clarity Act. The bill would give the CFTC primary authority to regulate the digital asset industry.
The measure is currently stalled in the Senate. Lawmakers are planning a procedural vote in mid-September, but major disagreements remain, and those disputes could keep the bill from winning enough support before legislators turn their attention to the November midterm elections.
Legislation remains the firmer route
Selig also said legislation is the most reliable way to lock in crypto market structure. At the same time, he said the agency already holds substantial authority under existing regulations, and if it needs to use that authority to write rules without new legislation, the CFTC will do so.
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