CFTC Chair Michael Selig: Crypto Rules Will Arrive Independent of the Clarity Act

U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selig stated that crypto market structure rules are coming whether or not the Clarity Act passes, and that the agency can move forward with its existing authorities.

According to information reported by Wu Blockchain, Selig noted that the cryptocurrency industry will receive regulatory rules regardless of the outcome of the Clarity Act. The CFTC Chair stated that the agency has the authority to engage in rulemaking under existing laws should the legislative process in Congress stall.

Selig’s remarks revealed that the regulatory framework for the crypto market does not solely depend on the passage of a new law. The CFTC continues to work on regulations within its jurisdiction, independent of developments in Congress.

CFTC is Preparing Crypto Rules Without Waiting for Congress

While the Clarity Act could grant the CFTC primary oversight responsibility for digital assets, the bill’s progress in the Senate has been delayed due to disputes over ethics provisions. Selig made it clear that this delay would not halt the agency’s regulatory efforts.

The CFTC is also working to finalize rules regarding event contracts in prediction markets. These contracts cover prediction markets where transactions can be made on the outcome of specific events.

The agency has also launched a public consultation for AI compute futures products based on the processing power used in artificial intelligence infrastructure. In this process, the CFTC is coordinating with the Department of Commerce to ensure that only appropriate products are introduced to the market. Selig stated that these standards will establish a common framework for futures products linked to AI infrastructure.