CFTC chairman says crypto framework is being built within existing law

U.S. Commodity Futures Trading Commission Chairman Michael Selig said the agency is building a cryptocurrency regulatory framework using its existing legal authority, CNBC reported. In a CNBC appearance on Sept. 23, Selig said now is the right time and added President Donald Trump had pledged from his first day in office to complete the crypto market structure and establish clear regulatory policy. Selig said the rules are now being rolled out, whether through legislation or agency rulemaking, and added regulators already have substantial legal authority. Selig also stressed that regulators will continue issuing rules to prepare for what he described as the frontier of new finance.