CFTC Chair Says Agency Will Use Existing Authority to Build Crypto Regulatory Framework
Summary
- Michael Selig, chairman of the CFTC, said the agency is speeding up efforts to refine crypto regulation based on its existing authority under current law.
- He said regulators including the CFTC can put in place the rules and regulatory framework needed for the crypto market under existing law, even without separate legislation.
- He said the agency will continue developing regulations for the crypto market as it responds to a new financial environment.
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The U.S. Commodity Futures Trading Commission is accelerating efforts to establish a regulatory framework for digital assets using powers it already holds under existing law.
On Sept. 23, CFTC Chairman Michael Selig told CNBC that regulators are drawing on their current legal authority to craft rules needed for the crypto market, regardless of whether Congress enacts separate legislation.
Selig said President Donald Trump has pledged since taking office to establish a market structure for digital assets and provide clear regulatory standards, adding that those policies are now being translated into concrete measures.
He also stressed that a regulatory framework can be built not only through legislation passed by Congress, but through rulemaking by supervisory agencies. Regulators including the CFTC can exercise substantial authority under existing law alone.
He added that the agency will continue developing rules for the crypto market as it responds to a new financial environment.
