The Senate Might Kill the Clarity Act. The CFTC Has a Plan B for Crypto.

TLDR

• CFTC Chairman Mike Selig says his agency will write its own crypto rules if Congress fails to pass the Clarity Act
• Selig has directed staff to explore rules for crypto asset trading on a leveraged or margined basis
• The Clarity Act needs 60 Senate votes and faces resistance mostly from Democrats over ethics concerns
• The SEC also released proposed digital asset rules this week, offering crypto firms a potential safe harbor
• Ripple CEO Brad Garlinghouse spoke at the meeting, saying regulatory clarity is needed to unlock crypto’s potential

The CFTC chief is not waiting around. If lawmakers can’t get the job done, his agency is ready to step in.

CFTC Ready to Act Without Congress

Commodity Futures Trading Commission Chairman Mike Selig made it clear Thursday that his agency will move on crypto regulation with or without the Clarity Act.

If CLARITY continues to stall because of Democratic obstruction, the @CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets. We owe it to the American people to do so.

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