CFTC Chair: Will Use Existing Statutory Authority to Advance Crypto Regulatory Rulemaking

Odaily reports: Michael S. Selig, Chairman of the U.S. CFTC, commented on the Senate procedural vote on the CLARITY Act failing to pass, saying the outcome of the vote is regrettable, but the CFTC will use its existing statutory authority to continue advancing a regulatory framework for the crypto asset market and is prepared to move forward with related rulemaking. Previously, the CFTC had already begun exploring the establishment of a regulatory regime for the crypto asset market under its existing authority.

Selig stated that the Trump administration is committed to building a future-oriented crypto asset market structure, and even if Congress fails to advance relevant legislation, the CFTC will help push this goal forward.