The U.S. Commodity Futures Trading Commission (CFTC) said it has activated a cryptocurrency regulatory plan prepared in advance in case the CLARITY Act is rejected.
Michael Passalacqua, senior adviser to the CFTC chairman and head of the Innovation Task Force, explained that two plans had been prepared during discussions over the CLARITY Act—one in case the bill passed and another in case it did not.
He said that, as the CLARITY Act failed to clear the Senate, the agency is now implementing the plan prepared for the scenario in which the bill does not pass.
Over the next six to 12 months, the CFTC plans to advance a rulemaking roadmap for the period after the CLARITY Act.