CFTC chairman to pursue crypto rules despite CLARITY Act defeat

U.S. CFTC Chairman Mike Selig said the agency would move ahead with crypto market structure rulemaking under its existing authority despite the Senate’s rejection of the CLARITY Act. Selig said the CFTC plans to reassess its current regulatory framework to keep pace with a 24/7 on-chain market shaped by algorithmic and agentic finance. One option under review is the creation of a designated contract market category that would allow exchanges to offer leveraged crypto products, including perpetual futures, under CFTC supervision. He added that the CFTC’s current authority remains limited to derivatives and leveraged trading, while direct oversight of the spot market still requires congressional legislation.