CFTC Signals It Could Write Crypto Rules If CLARITY Act Fails

• Michael Selig directed CFTC staff to explore a crypto market structure under the agency’s existing authority.
• Leveraged crypto trading could eventually operate through CFTC-supervised market venues.
• DeFi developers are being brought into discussions over compliant U.S. access.
• Prediction markets and AI compute markets form separate pillars of the regulator’s new agenda.

The Commodity Futures Trading Commission used the inaugural meeting of its Innovation Advisory Committee on August 20 to outline something more consequential than another industry consultation: Chairman Michael Selig said the agency is preparing to build a crypto market framework itself if Congress fails to advance the CLARITY Act. The meeting brought crypto executives together with leaders from traditional exchanges and financial infrastructure firms, extending the regulatory push that began a day earlier when President Donald Trump hosted industry executives at the White House and urged Congress to move the stalled legislation forward.

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