CFTC Chair Vows to Use Existing Authority for Crypto Regulation

The U.S. Commodity Futures Trading Commission (CFTC) will establish its own cryptocurrency regulations by utilizing current legal powers, according to statements made on April 16 (local time). CFTC Chairman Michael Selick expressed disappointment over the failure of the Senate cloture vote on the Clarity Act, stating that the agency would continue developing a regulatory framework for the crypto market using existing legal authority.

Earlier, the U.S. Senate had voted on April 15 to advance the Clarity Act to full debate but rejected it with 49 votes in favor and 50 against. Selick emphasized that the CFTC has already been reviewing cryptocurrency regulatory proposals based on current authority, noting that 'the Trump administration remains committed to building a sustainable cryptocurrency market structure for the future.' He added that even without congressional action, 'the CFTC will help realize this market structure.'

One of the proposed measures under review involves placing regulation of perpetual futures and leverage-based crypto trading under CFTC jurisdiction. The agency is also examining ways to create regulatory pathways allowing on-chain financial protocols to legally operate in the U.S.