US CFTC Chairman: Regardless of whether the Clarity Act is passed, the crypto industry will eventually face regulatory rules

According to Bloomberg, Michael Selig, chairman of the Commodity Futures Trading Commission (CFTC), stated on Thursday that even if Congress fails to pass landmark related legislation, the cryptocurrency industry will ultimately welcome market structure regulatory rules.

In an interview with Bloomberg Television before the CFTC's first Innovation Committee meeting, Selig said, "Establishing market structure is very important. We can achieve this through regulatory rules or through legislation."

The CFTC is weighing a range of potential cryptocurrency rules but is currently awaiting progress on the Clarity Act, which would grant the CFTC primary authority to regulate the digital asset industry. The bill is currently stalled in the Senate, which plans to hold a procedural vote on the legislation in mid-September, but significant controversies remain, which may make it difficult for the bill to secure enough votes before lawmakers turn their attention to the November midterm elections.

Selig added that legislation is the most reliable way to lock in the cryptocurrency market structure, but the agency also has considerable authority under existing regulations, and if necessary, the agency will exercise that authority to create rules without legislative support.