CFTC Chair Michael Selig announced that the agency will establish crypto market rules using its existing authority if the Clarity Act fails to pass in the Senate. This bill aims to define federal oversight for digital assets and has progressed through Senate committees but still awaits a full Senate vote. This stance from the CFTC could reduce the perceived urgency around the Clarity Act and impact its likelihood of passage. Key actors such as Senate Banking Committee Chairman Tim Scott and Senate Majority Leader Chuck Schumer will play determining roles in the bill’s future.
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