CFTC Chairman Says Agency Will Write Crypto Rules After Clarity Act Vote Fails
Bitcoin Magazine CFTC Chairman Says Agency Will Write Crypto Rules After Clarity Act Vote Fails Commodity Futures Trading Commission Chair Mike Selig will work with President Trump to advance crypto...
Commodity Futures Trading Commission Chair Mike Selig will work with President Trump to advance crypto rules.
Commodity Futures Trading Commission Chair Mike Selig has said that the top regulator will go ahead and use its powers to advance crypto legislation despite the Clarity Act being blocked.
In a Wednesday statement released on X, Selig said that the regulator would still help U.S. President Trump “get the job done.”
Lawmakers blocked the Clarity Act on Tuesday in a procedural vote, with the long-awaited legislation missing the 60 votes needed to advance it. The bill aims to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins.
“Americans deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets,” Selig wrote.
“President Trump promised to deliver a future-proof crypto asset regulatory market structure one way or the other, and we will help him get the job done using our existing statutory authorities.
“The U.S. is and will remain the crypto capital of the world. The CFTC is locked in and ready to ship its rules for the new frontier of finance.”
President Donald Trump last month urged lawmakers to pass the Clarity Act, calling the legislation “very powerful” — but Republicans said that Democrats were deliberately holding it back.
Regulators are now more crypto-friendly since President Trump appointed them and took the White House and are widely expected to continue pushing rules that help the crypto space.
The Securities and Exchange Commission last month proposed its own framework for crypto asset offerings, pressing ahead despite a vote on the Clarity Act stalling.
Despite being passed by the House of Representatives last year, the Clarity Act was in a deadlock for most of this year after the banking lobby clashed with lawmakers and crypto businesses over whether platforms like Coinbase should be able to pay customers yield.
Some lawmakers have sought to change wording in the bill regarding ethics, and a new bill started circulating in July. The draft bans government officials from promoting and making money from crypto.
But other Democratic lawmakers said it still fell short; a number of pro-crypto Republicans accused Democrats of deliberately playing politics and delaying the bill.