US CFTC Chair: Even if the 'Clarity Act' Fails to Pass, the Cryptocurrency Industry Will Still See Rule Implementation

Foresight News reports, according to Bloomberg, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in an interview with Bloomberg Television on Thursday ahead of the agency's inaugural Innovation Advisory Committee meeting that even if Congress fails to pass landmark legislation, the cryptocurrency industry will still receive market structure rules. 'Establishing market structure is very important. We can achieve this through rules or through legislation.' Selig noted that the CFTC is weighing a range of potential cryptocurrency rules but is currently awaiting progress on the 'Clarity Act,' a bill that would grant the CFTC primary regulatory authority over the digital asset industry. The bill is currently stalled in the Senate, which plans to hold a procedural vote on it in mid-September. However, significant disputes remain, which may make it difficult for the bill to secure enough votes before lawmakers shift focus to the midterm elections in November. Selig added that legislation is the most reliable way to solidify the cryptocurrency market structure, but the agency also has considerable authority under existing regulations. If necessary, the agency will exercise this authority to formulate rules in the absence of supporting legislation.