US CFTC Chairman: Whether the Clarity Act is passed or not, the crypto industry will eventually usher in regulatory rules

Comparatively, according to Bloomberg, US Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said on Thursday that even if Congress fails to pass landmark relevant legislation, the crypto industry will eventually face market structure regulations.

In an interview with Bloomberg TV before the CFTC's first Innovation Advisory Committee meeting, Selig said: Establishing a market structure is very important. We can do this by making regulatory rules, or by legislating. The CFTC is weighing a range of potential cryptocurrency rules, but is currently awaiting progress on the Clarity Act, which will give the CFTC major powers to oversee the digital asset industry. Currently at an impasse in the Senate, which plans to vote procedural on the bill in mid-September, there are still major disputes that may make it difficult for the bill to get enough votes to pass before lawmakers move to the November midterm elections. Selig added that legislation is the surest way to lock down the structure of the cryptocurrency market, but the agency also has considerable power under existing regulations, and if it needs to use that power to set rules without the support of relevant legislation, the agency will do the same.

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