US CFTC Chairman: Regardless of Whether the Clarity Act Passes, the Crypto Industry Will Eventually 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 ultimately face market structure regulatory rules. Selig stated that establishing market structure is very important, which can be achieved either through formulating regulatory rules or through legislation. The CFTC is weighing a series of potential cryptocurrency rules and is still waiting for progress on the Clarity Act. The bill, which would grant the CFTC primary authority to regulate the digital asset industry, is currently deadlocked in the Senate, with a procedural vote planned for mid-September. However, significant controversy remains, and it may be difficult to secure enough votes before lawmakers turn to the November midterm elections. Selig added that legislation is the most reliable way to determine the market structure of cryptocurrencies, but the CFTC also possesses considerable power under existing regulations; if it needs to use that power to formulate rules without relevant legislative support, the CFTC will do so.