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Following
HYPE Cryptocurrency Regulation Trends
The head of the U.S. derivatives regulator has issued a notice to his department requesting it to formulate its own cryptocurrency rules. The official told industry leaders on August 20 that the Commodity Futures Trading Commission (CFTC) would not wait indefinitely for Congress to take action.
CFTC Chairman Michael Selig made the announcement at the first meeting of the agency's Innovation Advisory Committee. He told attendees that passing the Digital Asset Markets Clarification Act remained his preferred option, but the agency had begun to lay the foundation for an alternative path. "If the Clear Act continues to stall due to Democratic obstruction, the CFTC will use its existing authority to begin establishing a regulatory framework for the crypto asset market." Selig said.
The Clarity Act aims to establish a federal framework for digital assets and address long-standing issues of division of regulatory responsibilities between the CFTC and the Securities and Exchange Commission (SEC). Selig said legislation would make the resulting rules more lasting than mere regulatory action because it would be easier for governments to overturn institutional decisions in the future. "Passing the Clarification Act is the surest way to prevent another Gary Gensler from waging an illegal war against the individuals and companies here today." Selig said he was referring to the former SEC chairman, who took enforcement actions against multiple crypto companies during his tenure.
CFTC framework will cover exchanges and on-chain agreements
Selig outlined the scope of an independent CFTC framework that might cover. Under the architecture he described, registered CFTC companies, as well as currently unregistered cryptocurrency exchanges, could be brought under CFTC regulation and provide leveraged or margin cryptocurrency trading under rules tailored to the digital asset market. The architecture will be similar to the CFTC's existing Designated Contract Market (DCM) category, but adjusted for the specific characteristics of crypto assets. Selig said he had instructed staff to begin exploring how the rules would be presented in practice.
The framework will also be extended to the decentralized finance sector. Selig said he had instructed staff to work with developers of online financial agreements to find ways for them to operate legally in the United States. "I also directed staff to engage with developers of online financial agreements to determine how developers can provide their agreements in the United States in a legal and compliant manner, thereby protecting developer rights once and for all." Selig said. On Wednesday, President Trump said Selig is also working to bring Hyperliquid (HYPE), a decentralized sustainable futures platform, into the United States with a compliance structure.
Senate timetable puts pressure on Clarity Act
The path forward for the Clarity Act in the Senate remains uncertain. The bill needs 60 votes to move forward, and lawmakers from both parties, mainly Democrats, say their concerns about the current draft have not been addressed. Among the outstanding issues is whether the White House will accept the revised ethics clause proposed by Senators Ruben Gallego and Tom Tillis. The Senate has only a final three-week window to give the bill a realistic chance of passage.
This week, the SEC took separate action to propose a rule called "Crypto-Asset Regulation" that aims to allow cryptocurrency financing to face fewer regulatory obstacles. SEC Chairman Paul Atkins said at a White House event with crypto executives on Wednesday that passing the Clarification Act remains the "top priority" and believes legislation is the only way to make crypto policies permanent.
Ripple Labs CEO Brad Garlinhaus, who attended the same meeting, said the previous regulatory environment had forced his company to develop outside the United States. "I think we all agree that the technology represented on the table can make money transfers faster, more efficient and more convenient." "But we must have clear rules to unleash this potential responsibly," Garinhaus said. Selig said the CFTC would give Congress extra time before advancing independently, but confirmed that the agency was ready to act quickly once that window closed.
