U.S. CFTC chief says he will push crypto regulation directly

Michael Selik (마이클 셀릭), head of the U.S. Commodity Futures Trading Commission (CFTC), said he will directly pursue a cryptocurrency regulatory framework using the Senate’s existing authority.

On Sept. 16 local time, blockchain media outlet U.Today reported that as legislative gridlock continues in the U.S. Congress, the administration and regulators have moved to set market rules directly.

Selik said the CFTC is ready to roll out rules for a "new financial frontier." The remarks came less than 24 hours after the U.S. Senate blocked progress on the Clarity Act. The Senate vote ended 50 to 49, and Democrats who raised concerns about potential conflicts of interest surrounding a White House-linked blockchain project, along with bank lobbying that questioned stablecoin revenue models, stopped the bill from advancing. That left the industry without a federal legislative basis.

Market reaction was immediate. Bitcoin fell below $76,000, and Coinbase and Circle shares fell 8 percent and 11 percent, respectively. Selik immediately presented an alternative to calm market unease. "It is regrettable that the Senate vote turned out the way it did," he said. "Americans deserve regulatory clarity, legal certainty and consumer protection in the crypto asset market," he added.