U.S. CFTC Chair: The Crypto Industry Will Eventually Face Regulatory Rules

ChainCatcher report: According to Bloomberg, CFTC Chair Michael Selig stated on Thursday that, even if Congress fails to pass landmark legislation, the crypto industry will ultimately see regulatory rules governing its market structure. In an interview with Bloomberg TV ahead of the CFTC’s inaugural Innovation Advisory Committee meeting, Selig said: “Establishing market structure is critical. We can achieve this through regulatory rulemaking or through legislation.” The CFTC is currently evaluating a range of potential crypto regulations but is currently awaiting progress on the Clarity Act, which would grant the CFTC primary regulatory authority over the digital assets industry. The bill is currently stalled in the Senate, where a procedural vote is scheduled for mid-September; however, significant controversy remains, making it uncertain whether the bill will secure enough votes to pass before lawmakers shift focus to the November midterm elections. Selig added that legislation is the most reliable way to solidify the crypto market structure, but the agency also possesses substantial authority under existing regulations and would not hesitate to exercise that authority to establish rules if necessary, even without supporting legislation.