CFTC Chair Plans Own Crypto Regulation Push if Bill Stalls

August 21, according to CoinDesk, U.S. Commodity Futures Trading Commission (CFTC) Chair Caroline Pham has issued a formal notice to internal staff, requiring the CFTC to initiate rulemaking for digital asset markets in the event that Congress fails to pass key crypto legislation in a timely manner.

Pham emphasized that while the agency still expects legislative breakthroughs, if the proposed Lummis-Smith Clarity Act cannot take effect as scheduled, the CFTC must intervene using existing authorities under the Commodity Exchange Act to prevent a prolonged regulatory vacuum, particularly in high-risk areas such as stablecoins. It is reported that Pham has asked staff to promptly submit initial draft regulatory proposals to ensure there is a framework to follow in the absence of clear federal legal guidance.

[TechFlow]