CFTC Chair Says Crypto Regulations Will Proceed Despite Clarity Act Failure

Mike Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), called the Senate's failed vote on the Clarity Act 'a disappointing outcome' and stated that he will push forward with establishing regulations for the cryptocurrency market using current legal authority. According to BlockBeats, Selig said, 'American consumers deserve regulatory clarity, legal certainty, and consumer protection in the crypto markets. President Trump has outlined a commitment to building a forward-looking crypto regulatory framework, and the CFTC will continue its work within the scope of existing law. The U.S. will remain, and continue to be, the center of global cryptocurrency.'