From Startup Fortune · · 1m 20s
CFTC Chair Selig: Crypto firms adopt rules as Congress stalls
CFTC Chair Michael Selig says crypto firms are signing up for his agency's rules as Congress stalls on the Clarity Act.
In brief
CFTC Chair Michael Selig says crypto firms are signing up for his agency's rules as Congress stalls on the Clarity Act. CFTC Chair Michael Selig reports crypto firms are opting into his agency's proposed crypto rules after Congress stalled on the Clarity Act. Originally reported by Startup Fortune.
CFTC rulemaking timeline
CFTC Chair Michael Selig says crypto firms are signing up for his agency's rules as Congress stalls on the Clarity Act.
Clarity Act stalls in Senate
The Clarity Act stalled in the Senate on September 15 on a 49-50 procedural vote with Democrats citing ethics concerns.
CFTC moves to draft rules
CFTC filed its own crypto rulebook with the White House on September 17 after the Senate failed to pass the Clarity Act.
Regulation CTX and CAM
Regulation CTX covers crypto transactions under the Commodity Exchange Act while Regulation CAM creates a crypto asset market for leveraged trading.
Firms opt into rules
Exchanges already registered with the CFTC want to add spot trading while new entrants prefer federal licensing over 50 state regimes.
CFTC gains regulatory authority
The CFTC becomes the agency writing practical rules for US crypto derivatives and potentially retail spot-adjacent markets.
Prediction markets conflict
CFTC faces conflict with states over prediction markets like Kalshi and Polymarket, which it claims are not gambling.
The key point
CFTC Chair Michael Selig reports crypto firms are opting into his agency's proposed crypto rules after Congress stalled on the Clarity Act.
