Overview
- CFTC Chair Mike Selig told the agency’s Innovation Advisory Committee on Thursday that he has directed staff to draft market rules for crypto using existing CFTC authority if the Digital Asset Market CLARITY Act does not advance in the Senate.
- Selig asked staff to explore a market‑structure framework based on the CFTC’s designated contract market model and to design protections for on‑chain developers and protocol builders so they can operate in the United States.
- The Senate has a cloture vote on the CLARITY Act scheduled for September 15 that requires 60 votes to move the bill forward, and negotiators remain divided over ethics language tied to President Trump’s crypto holdings.
- The SEC published a separate proposal called Regulation Crypto Assets this week that would create a fundraising safe harbor for some token issuers, meaning rules could arrive from one or both agencies if Congress stalls.
- Industry leaders want clarity and expect action either from Congress or regulators, but firms including CME have already challenged parts of agency authority in court, making administrative rules legally uncertain and reversible.