US CFTC Chair: Crypto Industry Will Eventually Get Regulatory Rules Whether or Not the Clarity Act Passes

US Commodity Futures Trading Commission (CFTC) Chair Michael Selig said Thursday that the crypto industry will eventually see market structure regulatory rules even if Congress fails to pass landmark legislation to that effect, according to Bloomberg. "Building market structure is very important," Selig said in a Bloomberg Television interview ahead of the CFTC's first Innovation Advisory Committee meeting. "We can do it through rulemaking, or we can do it through legislation." The CFTC is weighing a range of potential cryptocurrency rules but is still awaiting progress on the Clarity Act, which would give the agency primary authority to regulate the digital asset industry. The bill is currently stalled in the Senate, which plans a procedural vote in mid-September, but significant controversy remains that could make it difficult for the bill to secure enough votes before lawmakers turn to the November midterm elections. Selig added that legislation is the most reliable way to lock in cryptocurrency market structure, but the agency also has considerable power under existing regulations and would use it to craft rules without legislation if needed.