CFTC Chair Orders Staff To Draft Crypto Rules if CLARITY Act Stalls

Содержание

Crypto Regulatory News

CFTC Framework Would Cover Exchanges and On-Chain Protocols

Senate Timeline Puts CLARITY Act Under Pressure

CMC Crypto News

CFTC Chair Orders Staff To Draft Crypto Rules if CLARITY Act Stalls

Автор: Ayesha Aziz

2 дня назад

CFTC Chair Michael Selig has directed staff to build crypto market rules, warning the agency will act alone if Congress fails to pass the CLARITY Act.

Содержание

Crypto Regulatory News

CFTC Framework Would Cover Exchanges and On-Chain Protocols

Senate Timeline Puts CLARITY Act Under Pressure

Crypto Regulatory News

The head of the US derivatives regulator has put his agency on notice to write its own crypto rules, telling industry leaders on Aug. 20 that the Commodity Futures Trading Commission

(CFTC) will not wait indefinitely for Congress to act.

CFTC Chair Michael Selig made the announcement at the inaugural meeting of the agency's Innovation Advisory Committee. He told attendees that passing the Digital Asset Market Clarity Act remains his preferred outcome, but that the agency has already begun laying the groundwork for an alternative path. "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.

The CLARITY Act would create a federal framework for digital assets and settle the long-running question of how oversight responsibilities are divided between the CFTC and the Securities and Exchange Commission (SEC). Selig said legislation would make any resulting rules more durable than regulatory action alone, since a future administration could more easily reverse agency-level decisions. "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 whose tenure included several enforcement actions against crypto firms.

CFTC Framework Would Cover Exchanges and On-Chain Protocols

Selig outlined the scope of what an independent CFTC framework could look like. Under the structure he described, both registered CFTC firms and currently unregistered crypto exchanges could come under CFTC oversight and offer leveraged or margined crypto trading under rules tailored to digital asset markets. The structure would resemble the CFTC's existing category of designated contract markets (DCMs), adapted for the specific characteristics of crypto assets. Selig said he has already directed staff to begin exploring what those rules would look like in practice.

The framework would also extend to decentralized finance. Selig said he directed staff to work with developers of on-chain finance protocols to find ways they could legally operate in the US. "I've also directed staff to engage with developers of on-chain finance protocols to establish ways in which developers can offer their protocols in a legal and compliant manner in the United States, future-proofing developer protections once and for all," Selig said. On Wednesday, President Trump had said Selig is also working to bring decentralized perpetual futures platform Hyperliquid (HYPE) into the US in a compliant structure.

Senate Timeline Puts CLARITY Act Under Pressure

The CLARITY Act's path through the Senate remains uncertain. The bill needs 60 votes to advance, and lawmakers from both parties, though primarily Democrats, have said their concerns about the current draft have not been addressed. One of the outstanding issues is whether the White House will accept a revised ethics provision put forward by Senators Ruben Gallego and Thom Tillis. The Senate has a final three-week window remaining to give the bill a viable shot at passage.

The SEC moved separately this week, proposing a rule called Regulation Crypto Assets that would allow crypto fundraising with fewer regulatory hurdles. SEC Chair Paul Atkins said at Wednesday's White House event with crypto executives that passing the CLARITY Act remains "the most important priority," arguing that legislation is the only way to make crypto policy permanent.

Ripple Labs CEO Brad Garlinghouse, who was present at the same meeting, said the previous regulatory environment had forced his company to grow outside the US. "I think we all can agree that the technologies represented at the tables here can make moving money faster, more efficient, and more accessible," Garlinghouse said. "But we have to have clarity to unlock that potential responsibly." Selig said the CFTC will give Congress additional time before moving forward independently, but confirmed the agency is ready to act quickly when that window closes.