CFTC to join SEC in exploring crypto regulations without CLARITY bill

The Commodity Futures Trading Commission (CFTC) plans to convene a gathering for its Innovation Advisory Committee on August 20 to deliberate on regulation pertaining to cryptocurrency assets, artificial intelligence, and prediction markets. The CFTC disclosed the committee meeting in a notice issued on Thursday, stating that the discussion would encompass a potential examination of how to address cryptocurrency regulation despite the absence of congressional action.

The meeting is expected to focus on areas where regulatory action can bolster upcoming congressional legislation, likely in reference to the US Senate's failure to pass the Digital Asset Market Clarity (CLARITY) Act before recessing for August. The announcement followed a comparable notice from the US Securities and Exchange Commission (SEC) to hold a meeting on Friday to explore "new rules to create a tailored offering regime for certain investment contracts involving crypto assets."

The SEC spokesperson added that it would support Congress' efforts to pass a market structure bill, but until such legislation was enacted, the SEC would operate "within its authority" to advance crypto regulation. Michael Selig currently serves as the sole Senate-confirmed CFTC commissioner and chair, with no indications that US President Donald Trump plans to announce any additional nominations to fill the agency's leadership roles.

The chair will be accompanied by additional CFTC staff for the August 20 meeting, but the absence of a full panel of five bipartisan commissioners has prompted lawmakers to call for action from the president.