CFTC ready to regulate crypto on its own terms if CLARITY fails, Selig says

A CFTC rulemaking track is now in focus. Chair Michael Selig said at a meeting of the Innovation Advisory Committee that he had directed agency staff to explore developer protections and other crypto-related policies. The framing is explicit: the agency will move forward on crypto regulation if Congress does not pass the CLARITY Act.

The staff direction Selig described names developer protections as a specific target. The rest of the mandate was not spelled out in his committee remarks, described broadly as other crypto-related policies. What the meeting establishes is that CFTC staff are active on this work, not standing by for a legislative outcome.

The setup from here tracks two paths. If CLARITY passes, the CFTC's own rulemaking stays in reserve. If the bill stalls or fails outright, the directive Selig has already issued to staff becomes the operative track. Any proposed rulemaking or public filing that surfaces from that direction is the next concrete marker to watch.