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CFTC chief signals alternative crypto rules if Clarity Act fails

CFTC Chair Michael Selig said he has directed staff to explore creating a crypto asset market regulatory label, with additional rule proposals including for prediction markets.

Reported · Written up by our desk · Regulation

CoinDesk reports that U.S. Commodity Futures Trading Commission Chairman Michael Selig told attendees at the inaugural Innovation Advisory Committee meeting that the agency is preparing for market-structure rulemaking if Congress does not pass the proposed crypto Clarity Act.

Selig said he has directed CFTC staff to pursue alternative regulation using existing authorities, including work to establish a “crypto asset market” regulatory label for firms similar to the CFTC’s designated contract markets framework.

The CFTC chairman also indicated that additional rule proposals are in the pipeline, including proposals tied to prediction markets, and that staff are being guided to develop approaches for developers to offer protocols in a legal and compliant manner in the United States.

CoinDesk notes the CFTC’s sister agency, the Securities and Exchange Commission, recently proposed its first major crypto rule to reduce regulatory hurdles for some startups and fundraising, and that the two agencies have previously issued a joint policy stance defining categories of crypto assets.

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