U.S. encryption discussions continue to heat up this week. Michael Selig, Chairman of the United States Commodity Futures Trading Commission (CFTC), said that if Congress were to delay moving forward on the Clarity Act, the CTC would proceed with the establishment of a regulatory framework for the digital asset market under its existing mandate.
CFTC says it's going to be using the existing authority.
Selig made that statement at the first meeting of the Agency ' s Advisory Committee on Innovation. He said that the bill had still not completed its procedural advance in the Senate and that, if the impasse persisted, the CTC would initiate its own rule-making work rather than continue to wait for Congress.
He indicated that institutional staff had been asked to study how to formalize market structure rules for digital assets. If there was no progress in the Congress after September, he would ask the team to put forward a rule-making proposal as soon as possible.
Regulatory scope or coverage of trading platforms
According to him, the new framework could bring together existing CFTC registries, as well as currently unregistered encryption trading platforms. Leverage and security-type encrypted transactions may also obtain a clear application path under special rules.
Selig also stated that CFTC had requested staff to communicate directly with the chain financial agreement developers to discuss how the projects would operate legally in the United States. This means that regulatory discussions are no longer confined to centralized platforms, but also begin to extend to chain agreements.
Legislation remains a priority path
Despite the signal of self-programming, Selig stated that Congress legislation remained a more secure approach. In his view, the rules established by the regulator could be adjusted in the future by the next Government, and legislation would provide more continuity.
This week there has been a marked increase in US regulatory action against the encryption industry. In addition to the CFTC stance, the market is also concerned about the recent formal encryption rules proposed by the United States Securities and Exchange Commission, as well as the White House and Congress ' s follow-up on the relevant bills.
Quantification of ETF inflows with empty liquidation
In addition to regulatory information, the encryption market continues to rise. It is mentioned that the price of bitcoin rose to approximately $775 million and that it rose to approximately $2380 in the case of the Taifeng. The spot in bitcoin ETF recorded a net inflow of $606 million on Thursday and a net inflow of $219 million in ETF in the Taifung.
In the past 24 hours, the encryption market has been emptying out more than $1.2 billion, cumulatively close to $5 billion in two days. Inflows of funds, together with empty returns, have contributed to the continued growth of key encrypted assets.