CFTC Chairman: Will promote rules for the structure of the cryptocurrency market, focusing on perpetual contracts

Mike Selig, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that after the Senate rejected the Clarity Act, the CFTC will continue to advance the development of rules for the cryptocurrency market structure, saying "now is the time for action." Selig pointed out that the CFTC's existing statutory authority provides space for advancing rules without waiting for Congress to pass new legislation.

The agency will also reassess the current rules applicable to algorithmic and smart agent-driven around-the-clock on-chain markets. Related arrangements may include establishing designated contract market categories that allow exchanges to offer cryptocurrency leveraged trading under CFTC regulation; however, the CFTC does not have the authority to regulate the spot market, and regulation of the spot market still requires legislation.