I mean....
To be honest, this news seems quite important to me. Because until now we have been thinking that whether there will be clear rules for the crypto market or not is largely in the hands of Congress. But now the matter looks a little different in the statement of CFTC Chairman Michael Selig. He said that if Congress delays passing the CLARITY Act, then the regulatory agencies can move towards creating rules themselves.
In other words, even if the law is not passed, the work will not stop completely. The CFTC has already started working on some areas related to the crypto market. In particular, work is underway within the organization to create new rules on how leveraged, margined and financed crypto trading will be conducted. At the same time, it is also being seen whether a separate regulated trading venue can be created for retail crypto trading. The most interesting thing for me is that the developer aspect is also here. Selig said that the CFTC is also investigating such a safe harbor or protection path so that software developers and crypto builders can work within clear rules.
And here is the importance of the CLARITY Act. The main purpose of this bill is to create a clear framework for where a digital asset falls, what the SEC will look at and what the CFTC will look at. But the bill is still stuck in the Senate.
So I don't see this position of the CFTC as just "another crypto regulation". Rather, it is more like a backup plan. While it takes time for Congress to pass legislation, the agencies are using their powers to gradually bring the market into a framework.
The SEC is also moving forward on its own. The SEC and the CFTC jointly published a major interpretation on crypto assets in March 2026, which tried to clarify which types of crypto assets can fall under the category of securities and which can be seen as commodities.
However, there is an important point here. The rules created by the agency and the laws passed by Congress are not the same thing. Congressional laws usually provide a much more permanent basis. On the other hand, the regulator's rules can change in the future, and can also be challenged in court. So the best scenario for the crypto industry is probably a combination of two things: practical rules from regulators and long-term legislation from Congress.
I think the US is at a crossroads. If they really want to be a major hub for crypto, blockchain and financial innovation, they need more than just talk; they need clear rules.
Whether the CLARITY Act will pass or not is still uncertain. But one thing is clear: US regulators will not sit idly by, even if the law is delayed. They are moving towards creating their own market structure. And this change could have a big impact on the crypto market going forward.
Let's see... ๐ค