Mike Selig has said that the CFTC is looking forward to “exciting” crypto and AI markets as the agency presses on without the Clarity Act. ” Speaking to CNBC on Wednesday, the regulator said that it was an exciting time to be regulating markets related to crypto and artificial intelligence. The CFTC is fast pushing ahead with rulemaking for the crypto space, despite lawmakers last week blocking the long-awaited Clarity Act.
S. President Trump “get the job done” in regulating digital assets. “Our markets are rapidly evolving,” Selig said.
” The Clarity Act wants to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins. But the bill stalled and stumbled this year as the banking lobby had issues with crypto companies paying customers stablecoin rewards and some lawmakers — mostly Democrats — were concerned about the ethics side of the legislation. Trump received backing from major industry players while campaigning and since becoming president, his family has made money from digital asset ventures.
Some lawmakers have alleged conflicts of interest; the White House has always denied any wrongdoing. Despite lawmakers blocking the Clarity Act, the CFTC and Securities and Exchange Commission have charged ahead with rulemaking. The CFTC last week sent a proposal to the White House to regulate crypto transactions and markets.
And the SEC went ahead and approved tokenized stocks trading the same week. In August, it also proposed its own framework for crypto asset offerings, pressing ahead while the landmark legislation stalled.
