Huo Xing Finance reports that on August 21, Michael Selig, Chair of the U.S. Commodity Futures Trading Commission (CFTC), stated that even if the U.S. Congress fails to pass the Clarity Act, the cryptocurrency industry will still receive regulatory market structure rules. Selig noted that the CFTC can establish a regulatory framework through rulemaking or by advancing legislation. He added that the CFTC is currently evaluating multiple cryptocurrency regulatory rules but will continue to monitor developments regarding the Clarity Act. The bill is currently stalled in the U.S. Senate, with a procedural vote expected in mid-September, though it remains uncertain whether it will secure sufficient support before the U.S. midterm elections. Selig emphasized that legislation is the “most reliable approach,” but the CFTC already possesses substantial regulatory authority under existing laws; should Congress ultimately fail to pass relevant legislation, the CFTC will utilize its current authority to establish regulatory rules. Meanwhile, the CFTC is exploring the creation of a new regulated platform, tentatively called the “Crypto Asset Market,” to allow users to engage in leveraged or margin trading. The CFTC is also engaging with developers of on-chain finance firms to explore pathways for their legal operation in the United States. These measures could provide a compliance route for currently unregistered crypto platforms operating overseas to enter the U.S. market. Regarding prediction markets, Selig said the CFTC is accelerating the development of regulatory rules for event contracts on platforms such as Kalshi, Underdog, and Polymarket US, and indicated that these rules will be completed “soon.” Previously, the CFTC proposed restrictions on prediction contracts related to war, terrorism, and assassination, while planning to enhance retail consumer protections. Additionally, this week Selig launched a public comment period on AI computing power futures, exploring the possibility of treating computational power supporting the AI industry as a derivative underlying asset. He stated that if the United States wishes to win the AI race, it must lead the computing power market, calling computing power “the most important commodity of this era.” Currently, trading platforms including CME Group, Intercontinental Exchange (ICE), and Architect Financial Technologies have all announced plans to launch AI computing power futures; these products still require regulatory approval. Selig noted that the CFTC is collaborating with the U.S. Department of Commerce to develop relevant standards and expects to announce further progress in the coming months.
U.S. CFTC Chair: Crypto Market Rules to Move Forward Even Without the Clarifying Act
MarsBitShare
Summary
U.S. CFTC Chair Michael Selig told MarsBit on August 21 that crypto market regulations will move forward even without the Clarity Act. He said the CFTC can proceed through rulemaking or legislation. The bill remains stalled in the Senate due to regulatory uncertainty. The agency is developing rules for prediction markets and seeking input on AI futures. Addressing CFT remains a priority.
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