U.S. CFTC Chairman: Regardless of the Passage of the Clarity Act, the Crypto Industry Will Eventually Face Regulatory Rules

BlockBeats News, August 20th - According to Bloomberg, Michael Selg, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said on Thursday that even if Congress fails to pass landmark legislation, the crypto industry will eventually see market structure regulatory rules.

Before the inaugural meeting of the CFTC's Innovation Advisory Council, Selg, in an interview with Bloomberg TV, said, "Establishing market structure is very important. We can achieve this through the formulation of regulatory rules, or we can achieve it through legislation. The CFTC is weighing a series of potential cryptocurrency rules, but is currently awaiting progress on the 'Clarity Act,' which would give the CFTC significant authority to regulate the digital asset industry. The bill is currently deadlocked in the Senate, with plans for a procedural vote on the bill in mid-September. However, there is still significant controversy that could make it difficult for the bill to receive enough votes before lawmakers shift focus to the mid-term elections in November." Selig added that legislation is the most reliable way to lock in the cryptocurrency market structure, but the agency also has significant power under existing regulations. If necessary to use this power to establish rules without the support of relevant legislation, the agency will do so.