Just now, the CFTC said it more directly: if Congress won’t move, the regulators may act on their own first.
CFTC Chair Michael Selig publicly stated in Washington today:
If the CLARITY Act continues to stall in Congress, the CFTC will use its existing authority to start building a regulatory framework for the U.S. crypto asset market.
If the bill still can’t be pushed through in the end, he will instruct staff to quickly draft new industry rules.
This is far more specific than “the U.S. supports Crypto.”
For a while, the market has been waiting:
When will Congress pass a crypto regulatory bill?
Now another route has emerged:
Congress is too slow, so the SEC and CFTC will use the powers they already have to pave the way first.
The signals from the past couple of days are already lining up into a single thread:
The SEC first proposed new token financing rules;
Yesterday, Trump urged Congress to pass the CLARITY Act and even directly named Hyperliquid;
Today, the CFTC chair also said that if the bill gets stuck, regulators are prepared to act first.
What’s truly worth trading isn’t a single speech.
It’s that U.S. regulatory logic is shifting from:
“Who exactly regulates Crypto?”
to:
“How can these markets be made legally remain in the U.S.?”
For BTC and ETH, this is the logic behind the industry’s risk discount decreasing.
For perpetual contract platforms like HYPE, sensitivity may be even higher—because what the CFTC oversees is precisely the derivatives market.
But for now, we still can’t write it as “HYPE has already been approved to enter the U.S.”
The real next step to confirm is whether the CFTC will formally propose new rules covering crypto spot, perpetual contracts, and other markets.
If the rules begin to take effect, this regulatory cycle could shift from “signaling” into the second phase.
CFTC Chair Michael Selig publicly stated in Washington today:
If the CLARITY Act continues to stall in Congress, the CFTC will use its existing authority to start building a regulatory framework for the U.S. crypto asset market.
If the bill still can’t be pushed through in the end, he will instruct staff to quickly draft new industry rules.
This is far more specific than “the U.S. supports Crypto.”
For a while, the market has been waiting:
When will Congress pass a crypto regulatory bill?
Now another route has emerged:
Congress is too slow, so the SEC and CFTC will use the powers they already have to pave the way first.
The signals from the past couple of days are already lining up into a single thread:
The SEC first proposed new token financing rules;
Yesterday, Trump urged Congress to pass the CLARITY Act and even directly named Hyperliquid;
Today, the CFTC chair also said that if the bill gets stuck, regulators are prepared to act first.
What’s truly worth trading isn’t a single speech.
It’s that U.S. regulatory logic is shifting from:
“Who exactly regulates Crypto?”
to:
“How can these markets be made legally remain in the U.S.?”
For BTC and ETH, this is the logic behind the industry’s risk discount decreasing.
For perpetual contract platforms like HYPE, sensitivity may be even higher—because what the CFTC oversees is precisely the derivatives market.
But for now, we still can’t write it as “HYPE has already been approved to enter the U.S.”
The real next step to confirm is whether the CFTC will formally propose new rules covering crypto spot, perpetual contracts, and other markets.
If the rules begin to take effect, this regulatory cycle could shift from “signaling” into the second phase.