Crypto industry aligns with CFTC as legislative hopes fade

CFTC Chair Michael Selig has noted that the crypto industry is increasingly supportive of the agency’s rulemaking, as hopes for comprehensive cryptocurrency legislation continue to diminish. The comment comes amid the CFTC’s proposal of the Regulation CTX and Regulation CAM frameworks, offering a federal regulatory pathway for exchanges under existing CFTC authority. This development follows the Senate’s failure to advance the CLARITY Act, leaving the crypto industry to navigate regulatory landscapes without a new congressional framework. Selig’s remarks suggest a shift towards greater industry engagement with the CFTC’s oversight as a pragmatic alternative to stalled legislative efforts. Observers will likely focus on how the crypto industry continues to respond to the CFTC’s regulatory frameworks and whether more exchanges opt to register under these rules.

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