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The CFTC is moving toward a formal crypto market structure framework after Congress failed to pass the Clarity Act. Chair Mike Selig says the agency will establish clear crypto regulations regardless of whether lawmakers pass legislation.
Why it matters
The agency’s actions span rulemaking, regulatory guidance and investor protections. The CFTC has proposed its first set of rules for the US crypto industry, updated guidance on crypto and tokenized assets, and advanced measures targeting fraud, manipulation and abuse.
It has also said developers can create passive derivatives software, including for crypto, without broker registration. That distinction could shape how software developers and trading platforms approach compliance as the agency develops its framework.
Market impact
Selig has pointed to a future involving onchain systems, mass tokenization, 24/7 trading and agentic finance. The CFTC’s recent moves put those areas within an expanding regulatory agenda, even as Congress has not passed the Clarity Act.
For crypto firms and developers, the key issue is how the agency’s proposals and guidance translate into final requirements. The CFTC’s actions mark a shift toward agency-led rulemaking on US crypto markets, but the seed does not specify a final framework or timeline.
Frequently asked questions
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Why is the CFTC moving ahead with crypto rules?
Congress failed to pass the Clarity Act, and the CFTC says it will establish clear crypto regulations regardless of whether Congress passes legislation.
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What crypto rulemaking has the CFTC proposed?
The agency has proposed its first set of rules to regulate the US crypto industry and ordered staff to move forward with a formal market structure framework.
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What investor protections is the CFTC advancing?
The measures target fraud, manipulation and abuse in crypto markets.
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What does the CFTC say about passive derivatives software?
The agency says developers can create passive derivatives software, including for crypto, without requiring broker registration.
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Which technologies are part of the CFTC's regulatory agenda?
Chair Mike Selig has cited onchain systems, mass tokenization, 24/7 trading and agentic finance as part of the future the agency is preparing for.
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