CLARITY Act · US Congress · US Senate · CoinDesk
The head of the U.S. agency that regulates derivatives, including a wide swath of crypto assets
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Commodity Futures Trading Commission Chairman Mike Selig said Thursday that a U.S. Senate failure would spur his agency to start trying to create a "crypto asset market" regulatory label for firms much like the CFTC's existing category of designated contract markets (DCMs).
Key facts
- Ripple had the unfortunate reality of being at the center of the bullseye of the SEC's lawfare in the previous administration," Ripple Labs CEO Brad Garlinghouse said at the meeting
- The CFTC's sister agency, the Securities and Exchange Commission, this week proposed its first major crypto rule, known as Regulation Crypto Assets, to allow crypto startups and fundraising
- The CFTC chief agreed on Thursday, saying, "Passing Clarity is the surest way that they can prevent another Gary Gensler from running a rogue campaign of lawfare against the individuals and companies
- The advancement of the Clarity Act still depends on action in the U.S. Senate
Summary
Mike Selig, the chairman of the Commodity Futures Trading Commission, launched his inaugural meeting of the Innovation Advisory Committee that crypto firms can count on his agency to engage in market-structure rulemaking if Congress fails to pass the crypto Clarity Act. Selig told executives that he'd already directed his staff to work on multiple efforts to put crypto policies in place, and he said he has more rule proposals coming for prediction markets. The head of the U.S. agency that regulates derivatives, including a wide swath of crypto assets, said that if Congress can't deliver a Digital Asset Market Clarity Act to set out laws for crypto markets, his agency is already working on alternative regulations.