CFTC Chair threatens independent crypto rulemaking amid legislative delays

CFTC Chair Michael Selig has indicated that the agency will establish its own regulatory framework for crypto asset markets if the Clarity Act remains stalled in the Senate. Speaking at an Innovation Advisory Committee meeting, Selig stated that if legislative progress continues to be hindered by Democratic obstruction, the CFTC will utilize its existing authorities to create a regime for digital assets. Staff have already been directed to explore rules to codify a market structure that could bring both existing registrants and unregistered exchanges under agency oversight.

In a related development, President Trump announced that the CFTC is working to bring the offshore perpetual futures venue Hyperliquid into the United States in a fully compliant and legal manner. Following these comments, the crypto market saw significant movement, with Hyperliquid's native token HYPE jumping over 20% and Bitcoin reaching $72,000.