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FollowingThe digital asset regulatory framework may usher in a clear future
The United States is expected to move towards a clearer digital asset regulatory framework-whether or not Congress passes the Clarity Act, Coinbase CEO Brian Armstrong said.
His comments came after Mike Selig, the 16th chairman of the Commodity Futures Trading Commission (CFTC). Selig outlined the agency's plan: If legislation continues to delay, it will use existing mandates to set rules for the crypto asset market.
Selig said on social media that if the Clarification Act stalled due to what he called "Democratic obstruction," the CFTC would push forward on its own. He believes the agency has a responsibility to start developing a regulatory framework for the American people and stressed that the CFTC will support President Donald Trump's commitment to build a market structure for cryptoassets.
"Either way, clarity seems to come:
1. The Senate received more than 60 votes on September 15
2. Or the CFTC and the SEC introduce a new set of rules on September 16 "
Selig outlines the CFTC regulatory plan
In a video accompanying the post, Selig said he has instructed CFTC staff to explore rules to build a crypto asset market structure under its existing mandate.
According to Selig, the proposed framework could allow existing registries as well as certain unregistered crypto exchanges to obtain a specific type of designated contract market from the CFTC-the crypto asset market. These platforms may offer leveraged or margin crypto trading, but subject to rules specifically designed for digital assets and subject to CFTC supervision.
Selig also said he had instructed agency staff to engage with developers of online financial agreements. He explained that the goal is to find ways for developers to operate their agreements legally and in compliance in the United States, while establishing safeguards designed to provide greater certainty.
However, Selig pointed out that the CFTC will first give the Clarification Act more time to vote. He said if lawmakers fail to bring bipartisan versions of legislation to the president's desk, he will direct CFTC staff to move forward quickly and propose the agency's own rules.
Armstrong points to two possible outcomes
Armstrong responded directly to Selig's comments and gave a concise judgment of what might happen next.
"Sounds like clarity will come anyway," Armstrong wrote, then pointing out two possible dates and outcomes. He said the first possibility was that the Senate received more than 60 votes in support of the Clarification Act on September 15. The second possibility, according to Armstrong, is that the CFTC and SEC may introduce new rules on September 16.
Armstrong's comments highlighted the importance of Selig's proposed plan. His comments suggest that federal regulators may seek an independent regulatory framework through existing mandates when legislation cannot advance, rather than viewing congressional action as the only way to obtain clearer regulation.
Crypto regulation faces critical September test
Selig's statement adds more attention to the legislative process surrounding the Clarity Act, while also establishing a potential regulatory alternative. His comments suggest the CFTC is ready to take action if lawmakers cannot reach an agreement on a bill that satisfies both political parties.
For the crypto industry, the difference between these two paths may be significant. Congressional legislation would establish a statutory framework, while rulemaking by the CFTC and SEC could create regulatory requirements through existing agency powers.
Armstrong's response therefore positions September as a potentially critical period for U.S. crypto regulation-whether it is congressional legislation or regulatory action that could drive progress on the industry's market structural framework.
