CFTC chair says agency will move forward on crypto regulation if CLARITY fails
Michael Selig said at a meeting of the Innovation Advisory Committee that he had directed CFTC staff to explore developer protections and other crypto-related policies.
Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), stated that the agency would proceed with crypto regulations even if the Digital Asset Market Clarity (CLARITY) Act fails to pass through Congress. At the CFTC's Innovation Advisory Committee meeting, Selig directed staff to explore developer protections and other crypto-related policies.
Selig also noted that the commission would allow registered and non-registered entities to offer crypto asset trading on a leveraged or margined basis. If the Democrats cannot support a bipartisan version of the bill, Selic assured that CFTC staff would swiftly propose new rules for the industry. The market structure bill is currently on hold until September when the US Senate returns to session.
The CLARITY Act would require 60 votes for passage, and if it fails to receive that number, it would return to the House of Representatives for final approval or potential veto. Selic's comments followed a White House meeting with President Trump and other crypto industry leaders, who urged Congress to pass a fair version of CLARITY to stay ahead of China.
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