CFTC Chairman: Will Use Existing Statutory Authority to Advance Crypto Regulatory Rulemaking

CFTC Chairman Michael S. Selig issued a statement expressing regret over the Senate's vote on crypto assets the previous day, emphasizing that Americans are entitled to regulatory clarity, legal certainty, and consumer protection in the crypto asset markets. Selig stated that President Trump has pledged to advance the development of a regulatory market structure for crypto assets by whatever means necessary, and the CFTC will leverage its existing statutory authority to assist in achieving this goal. He reaffirmed that the United States is and will continue to maintain its position as the global crypto hub, noting that the CFTC is prepared to implement relevant rules for the "new frontier of finance".