Michael Selig, chair of the U.S. Commodity Futures Trading Commission, said the agency will continue drafting its own cryptocurrency rules using existing authority.

Selig recently said each regulator already has substantial legal authority and will keep writing crypto rules under current law rather than wait for new legislation, Odaily reported on October 4.

The comments appeared to be aimed at the U.S. crypto market structure bill known as the Clarity Act, which failed in a Senate cloture vote last month. The CFTC and the U.S. Securities and Exchange Commission have both indicated they would seek to clarify crypto regulation using existing authority if congressional legislation is delayed.

The CFTC is considering whether to introduce a separate market framework under the Commodity Exchange Act that would allow it to oversee cryptocurrency exchanges and leveraged trading. It is also reviewing a plan that would allow unregistered crypto exchanges to offer services under CFTC supervision if they meet certain requirements.

Selig said he participated in the president's Digital Asset Markets Working Group, where officials reviewed each agency's statutory authority and areas that may require additional legislation. Regulators will prepare a framework that allows a new area of finance to grow, he added.