🚨 BREAKING: CFTC Chair Mike Selig says the agency will move forward with crypto regulations even if the CLARITY Act fails. 🟠 $BTC
Back in July, he warned that regulators would end up "writing all the rules" for crypto if Congress failed to pass the CLARITY Act.
Now he is saying the CFTC proceeds regardless.
Crypto is getting regulated either way, but the two paths are very different.
If Congress passes the Act:
Oversight is split between the CFTC and SEC by law. Only Congress can change it. The rules survive whoever wins the next election.
If Congress does not:
The CFTC writes the rules on its own.
Selig and SEC Chair Atkins have already built most of the framework, including a joint memorandum and a token taxonomy classifying 16 assets as commodities.
But those were written by agency heads, not passed by Congress. The next CFTC or SEC chair can reverse all of it without a single vote.
Selig can move fast right now because he is the only sitting member of the CFTC's five-seat commission. He can act alone.
The Senate has one day left before recess and the bill is still not scheduled.
