CFTC chair to issue crypto rules if Congress stalls on CLARITY

• Key takeaway: Commodity Futures Trading Commission Chair Michael Selig said he has directed staff to explore potential rulemaking that would create a framework for crypto exchanges to offer leveraged or margin-based trading and establish a legal path for developers to offer decentralized finance protocols in the United States.
• Expert quote: "We're going to give CLARITY its breathing room for a vote. But if the Democrats cannot support a bipartisan 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 rules for the industry." —CFTC Chair Michael Selig
• What's at stake: The CLARITY Act's odds of passage have become longer after failing to get a vote before the Senate's August recess. 

WASHINGTON — Commodity Futures Trading Commission Chair Michael Selig said Thursday he is hopeful Congress will pass the crypto market structure bill in the near future, but said he has directed agency staff to explore potential rulemaking.

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Speaking at the inaugural meeting of the CFTC's Innovation Advisory Committee Thursday, Selig said the agency has begun exploring rules to establish a CFTC market structure for crypto assets under its existing authority.