Summary
- The US CFTC said it is accelerating work to build a crypto regulatory framework by using its existing powers under current law.
- Chair Selig said regulators are crafting the rules needed for the crypto market with the legal authority they already hold, without a separate legislative process.
- He said the agency will continue developing regulations for the crypto market as it responds to a new financial environment.
The US Commodity Futures Trading Commission is accelerating efforts to build a regulatory framework for digital assets using authority it already holds under existing law.
CFTC Chair Michael Selig told CNBC on Sept. 23 that regulators are crafting rules needed for the crypto market by relying on legal powers they already have, regardless of whether Congress passes separate legislation.
Selig said President Donald Trump has promised since taking office to establish a market structure for digital assets and provide clear regulatory standards, and that officials are now putting those policies into concrete form.
He added that a regulatory framework can be built not only through laws passed by Congress, but also through rules written by supervisory agencies themselves. Regulators including the CFTC can exercise substantial authority under existing law.
He said the agency will continue developing rules for the crypto market as it responds to a new financial environment.
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