US CFTC Chair: If the CLARITY Act Faces Continued Obstruction, New Crypto Market Regulations Will Be Advanced Independently On August 21, US CFTC Chair Mike Selig (@ChairmanSelig) stated at the inaugural 'Innovation Advisory Committee' meeting that if the Democratic Party continues to block the advancement of the CLARITY Act, the CFTC will utilize its existing statutory authority to directly establish a regulatory framework for the crypto asset market. Selig mentioned that he has instructed staff to study specific rules: both currently registered entities and unregistered crypto exchanges could be designated by the CFTC as specialized 'Crypto Asset DCMs,' offering leveraged or margin trading under corresponding regulatory rules. If the bill ultimately fails to pass, the CFTC will swiftly move forward with related rule proposals. Source: CFTC