The CFTC, chaired by Mike Selig, announced it will implement market-based regulations for crypto exchanges without waiting for the Clarity Act, following the Senate’s failure to advance the legislation. Two proposed rules include Regulation CTX for retail crypto transactions and Regulation CAM for federally registered crypto venues. Without congressional support, spot crypto platforms will largely remain under state jurisdiction. Market participants place the likelihood of the Clarity Act being signed into law in 2026 at just 6 percent.
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