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CFTC chair says rules could advance even without CLARITY Act passage
Michael Selig said he has asked CFTC staff to explore developer protections and policies that would allow crypto asset trading on leveraged or margined terms.
Cointelegraph reports that CFTC chair Michael Selig said the agency will continue moving forward with crypto regulation even if Congress does not pass the Digital Asset Market Clarity, or CLARITY, Act.
In prepared remarks at the inaugural meeting of the CFTC’s Innovation Advisory Committee, Selig said he directed CFTC staff to explore developer protections and other crypto-related policies, and to allow both registered and non-registered entities to offer crypto asset trading on a leveraged or margined basis.
Selig said the CFTC would give CLARITY “breathing room” during the vote process, but if lawmakers do not send a bipartisan version of the bill to the President, he would direct staff to propose new rules for the industry.
The article also notes the crypto market structure bill is effectively paused until the Senate returns in September, when Majority Leader John Thune is expected to hold a cloture vote, with CLARITY requiring 60 votes to pass the chamber.