The U.S. Commodity Futures Trading Commission (CFTC) plans to continue developing rules for the cryptocurrency market by using its authority under existing law, despite the Senate’s failure to advance the Clarity Act in a procedural vote.
CFTC Chair Mike Selig described the outcome of the Senate’s vote on the Clarity Act on the 16th as “a disappointing result,” saying U.S. investors should be guaranteed regulatory clarity, legal certainty and consumer protection in the cryptocurrency market.
Chair Selig said President Donald Trump has pledged to establish a forward-looking regulatory framework for the cryptocurrency market. He explained that the CFTC would pursue relevant rulemaking by using the authority granted to it under existing laws. He emphasized that the CFTC is prepared to develop rules for new financial markets.
On the 15th, the U.S. Senate failed to advance the Clarity Act after it did not secure the 60 votes required in a procedural vote to begin full consideration of the bill. As congressional legislation is delayed, the CFTC and the Securities and Exchange Commission (SEC) are expected to continue refining the cryptocurrency regulatory framework within the scope of existing law.
Sources
- CFTC Chairman Michael Selig, The Block, Reuters