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CFTC outlines crypto framework using existing authority after CLARITY vote fails

CFTC Chair Michael Selig said the agency will move forward on crypto regulation at President Donald Trump’s direction, with or without Congress.

Reported · Written up by our desk · Regulation

The US Commodity Futures Trading Commission is moving ahead with proposals for a crypto regulatory framework after Congress failed to advance a market structure bill, according to Cointelegraph.

CFTC Chair Michael Selig said the agency is relying on its existing statutory authorities to address crypto regulation and will proceed at the direction of President Donald Trump, with or without legislation from Congress.

Speaking at the Fordham Law Blockchain Regulatory Symposium, Selig announced that crypto companies would have the option to operate under the CFTC’s oversight rather than navigating a patchwork of state-by-state regulations.

Selig also said the CFTC planned to establish a new category for certain crypto firms under the proposed approach, the report said.

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