🇺🇸 JUST IN: The CFTC just told crypto exchanges: pass the CLARITY Act, or we'll write the rules ourselves.
Thursday marked the first-ever meeting of the CFTC's Innovation Advisory Committee, packed with the CEOs of Coinbase, Kraken, Ripple, Gemini, Robinhood, CME, and more, one day after a related White House crypto gathering.
CFTC Chair Mike Selig didn't mince words: "If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets."
He's not waiting to see what happens. Selig has already directed staff to begin exploring rules to codify a CFTC market structure for crypto assets using the agency's existing authorities. (CoinDesk)
That matters because the timeline isn't great. Galaxy Research just cut its odds of CLARITY passing this year down to just 10%. The Senate's next shot is a procedural vote on September 15, and it needs 60 votes to survive.
More from the meeting: certain crypto exchanges, registered and unregistered, could eventually operate as specialized "crypto asset markets" offering leveraged or margined trading under CFTC oversight. Selig also confirmed he's directed staff to engage directly with DeFi developers to find legal pathways for on-chain protocols to operate in the US, and he's working with SEC Chair Atkins on "Project Crypto" to formally classify which assets count as securities versus commodities.
Prediction markets got their own spotlight too, with the CFTC continuing to defend its jurisdiction against multiple states currently suing to shut the category down as unlicensed gambling.
The message from Washington is unmistakable: Congress gets one more real shot in September. After that, regulators stop waiting.
#Crypto #CFTC #ClarityAct #Bitcoin #Regulation
Thursday marked the first-ever meeting of the CFTC's Innovation Advisory Committee, packed with the CEOs of Coinbase, Kraken, Ripple, Gemini, Robinhood, CME, and more, one day after a related White House crypto gathering.
CFTC Chair Mike Selig didn't mince words: "If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets."
He's not waiting to see what happens. Selig has already directed staff to begin exploring rules to codify a CFTC market structure for crypto assets using the agency's existing authorities. (CoinDesk)
That matters because the timeline isn't great. Galaxy Research just cut its odds of CLARITY passing this year down to just 10%. The Senate's next shot is a procedural vote on September 15, and it needs 60 votes to survive.
More from the meeting: certain crypto exchanges, registered and unregistered, could eventually operate as specialized "crypto asset markets" offering leveraged or margined trading under CFTC oversight. Selig also confirmed he's directed staff to engage directly with DeFi developers to find legal pathways for on-chain protocols to operate in the US, and he's working with SEC Chair Atkins on "Project Crypto" to formally classify which assets count as securities versus commodities.
Prediction markets got their own spotlight too, with the CFTC continuing to defend its jurisdiction against multiple states currently suing to shut the category down as unlicensed gambling.
The message from Washington is unmistakable: Congress gets one more real shot in September. After that, regulators stop waiting.
#Crypto #CFTC #ClarityAct #Bitcoin #Regulation