Donald Trump · CLARITY Act · US Congress · Democrats · Cointelegraph
CFTC chair confirms agency will move forward on crypto regulation if CLARITY falters
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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.
Key facts
- Many Democrats in Congress have been calling for stronger ethics provisions in the market structure bill specifically to address the Trump family’s crypto investments, which netted the president $1.4
- The CFTC chair’s agenda echoed that of the US Securities and Exchange Commission (SEC), which on Tuesday released proposed rules for digital asset regulation
- 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, who chairs the US Commodity Futures Trading Commission (CFTC), signaled that the agency would not be idle while Congress continued to debate provisions in a cryptocurrency market
Summary
Michael Selig, who chairs the US Commodity Futures Trading Commission (CFTC), signaled that the agency would not be idle while Congress continued to debate provisions in a cryptocurrency market structure bill. In prepared remarks for the inaugural meeting of the CFTC’s Innovation Advisory Committee on Thursday, Selig said that the commission would move forward on crypto regulations even in the absence of the Digital Asset Market Clarity (CLARITY) Act being passed by lawmakers, adding it would “help deliver if Congress will not.” According to the chair, he had already directed staff to allow registered and non-registered entities to offer “crypto asset trading on a leveraged or margined basis” and explore developer protections.
The market structure bill is effectively paused until the US Senate returns to session in September, when Majority Leader John Thune is expected to hold a cloture vote on the legislation.