CFTC Readies Own Crypto Market Rules as Congress Stalls CLARITY Act

In remarks delivered at the Innovation Advisory Committee Conference in Washington, D.C., Selig said: “We owe it to the American people to do so. President Trump promised to deliver a crypto asset market structure, and we will help him deliver if Congress will not.”

Selig said he has directed CFTC staff to explore rules to codify a CFTC market structure for crypto assets using the agency’s existing authorities and to engage with developers of on-chain finance protocols to establish ways in which those developers can offer their protocols in a legal and compliant manner.

Selig said he is still hopeful that Congress will pass the CLARITY Act and send it to the president’s desk. That, he said, is “the most important step towards future-proofing this industry.” Selig encouraged the industry to continue engaging with lawmakers to support the CLARITY Act, adding that the CFTC is ready to begin implementing the bill if it passes.

“We’re going to give CLARITY its breathing room for a vote, but if the Democrats cannot support a bipartisan work product, which reflects compromises from both sides of the aisle, and ultimately send a fair version of the bill to the president’s desk, then rest assured, I will direct CFTC staff to move swiftly to propose these new rules for the industry,” Selig said.