US CFTC Chairman: Regardless of Whether the Clarity Act Passes, the Crypto Industry Will Ultimately Face Regulatory Rules

Odaily Planet Daily News: US Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said on Thursday that even if Congress fails to pass the Clarity Act, the crypto industry will eventually see market structure regulatory rules. Selig stated that establishing market structure is very important, which can be achieved either through the formulation of regulatory rules or through legislation. The CFTC is weighing a series of potential cryptocurrency rules and is still awaiting progress on the Clarity Act. The bill would grant the CFTC primary authority to regulate the digital asset industry, and it is currently deadlocked in the Senate. A procedural vote is planned for mid-September, but significant controversy remains, making it difficult to secure enough votes for passage before lawmakers shift focus to the November midterm elections. Selig added that legislation is the most reliable way to define the cryptocurrency market structure, but the CFTC also holds considerable power under existing regulations; if it needs to use that power to formulate rules without relevant legislative support, the CFTC will do so as well.