CFTC Could Move on Crypto Market Rules if CLARITY Act Stalls, Chair Says

U.S. Commodity Futures Trading Commission Chair Mike Selig said the agency could use its existing statutory authority to establish a regulatory framework for crypto asset markets if Congress fails to pass the CLARITY Act.

Speaking Thursday at the inaugural Innovation Advisory Committee, Selig said he had directed CFTC staff to explore rules that could create a specialized crypto asset DCM designation for both existing registrants and currently unregistered crypto exchanges.

Under the potential framework, designated platforms could offer leveraged or margined crypto trading under CFTC oversight. 

Selig said the CFTC would move quickly to propose the rules if what he described as Democratic obstruction continues and the legislation ultimately fails to advance.

Source: CFTC