Commodity Futures Trading Commission Chair Michael S. Selig has directed agency staff to begin developing crypto market structure rules, preparing the regulator to act if Congress fails to pass the Clarity Act.
Myriad: Will the Clarity Act be signed into law in 2026? Click to make your prediction.The Clarity Act would establish a federal framework for digital assets and clarify the CFTC and SEC’s roles in overseeing crypto markets. Selig said legislation would make those rules harder for a future administration to reverse.
"If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets," he said.
Selig has already directed staff to begin exploring what those rules could look like.
"To achieve this, I've directed the CFTC staff to begin exploring rules to codify a CFTC market structure for crypto assets using the agency's existing authorities," he said.
Under the framework outlined by Selig, current CFTC registrants and currently unregistered crypto exchanges could come under CFTC oversight and offer leveraged or margined crypto trading under rules tailored to digital asset markets.
Selig also directed staff to work with developers of on-chain finance protocols on how they could legally operate in the United States.
"I've also directed staff to engage with developers of on-chain finance protocols to establish ways in which developers can offer their protocols in a legal and compliant manner in the United States, future-proofing developer protections once and for all," he said, referencing previous comments made by President Trump.
Selig said the agency will give Congress more time to pass the Clarity Act before moving forward on its own.
"Rest assured, I will direct CFTC staff to move swiftly to propose these rules for the industry," he said.
