CFTC Chair Says Agency Will Keep Drafting Crypto Rules Under Existing Authority

Michael Selig, chair of the U.S. Commodity Futures Trading Commission (CFTC), said the agency will continue its own crypto rulemaking using existing authority.
The CFTC said it is considering a separate market framework under the Commodity Exchange Act that would allow it to supervise cryptocurrency exchanges and leveraged trading, as well as a plan to conditionally permit services by unregistered crypto exchanges.
Selig said that through his participation in the president's Digital Asset Markets Working Group, he reviewed each agency's statutory authority and areas requiring additional legislation, and that regulators would prepare a regulatory framework to support the growth of a new area of finance.

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Michael Selig, chair of the U.S. Commodity Futures Trading Commission, said the agency will continue drafting its own cryptocurrency rules using existing authority.

Selig recently said each regulator already has substantial legal authority and will keep writing crypto rules under current law rather than wait for new legislation, Odaily reported on October 4.

The comments appeared to be aimed at the U.S. crypto market structure bill known as the Clarity Act, which failed in a Senate cloture vote last month. The CFTC and the U.S. Securities and Exchange Commission have both indicated they would seek to clarify crypto regulation using existing authority if congressional legislation is delayed.

CFTC Chair Says Agency Will Keep Drafting Crypto Rules Under Existing Authority

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