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The Commodity Futures Trading Commission is prepared to establish crypto market structure rules even if Congress fails to pass the Clarity Act, Chairman Michael Selig said Thursday.
Selig told Bloomberg Television that legislation remains the most certain way to establish a lasting regulatory framework for digital assets, but said the CFTC has significant authority to act under its existing statute.
“If we have to utilize that authority to create rules without the supporting legislation, we’ll do it,” Selig said.
The agency is currently considering several potential crypto rules while waiting to see whether Congress advances the Clarity Act.
The legislation could give the CFTC primary authority over large parts of the digital asset market. A procedural Senate vote is scheduled for mid September, though disagreements over ethics provisions and President Donald Trump’s crypto interests remain obstacles to passage before the November midterm elections.
Selig said the agency is also nearing completion of rules for event contracts offered by prediction markets including Kalshi, Underdog and Polymarket US.
The CFTC proposed rules earlier this year that would restrict contracts tied to war, terrorism and assassination while narrowly defining certain forms of gaming in a way that could allow most existing sports contracts to continue trading.
Selig said the agency also plans to introduce additional consumer protections for retail participants after receiving feedback during the consultation process.
The CFTC is separately exploring derivatives tied to artificial intelligence computing capacity.
Selig launched an effort this week seeking public input on compute futures, which would allow investors and businesses to trade contracts linked to the computing power used by the AI industry.
CME Group, Intercontinental Exchange and Architect Financial Technologies have announced plans to offer compute related contracts subject to regulatory approval.
Selig said the CFTC is working with the Commerce Department on potential standards for the market and expects additional updates within the next several months.
Source: cryptobriefing.com