CFTC Chair Selig Directs Staff to Draft Crypto Market Structure Rules if the Clarity Act Fails

This is a regulator openly preparing a fallback, which shifts the burden of legislative failure onto the agency itself and gives market participants a second path to rules that may not require Congress. It matters most for venues and intermediaries that have been waiting on the Clarity Act to define their obligations, since the CFTC's own drafting could move faster but with less durable legal footing. The open question is whether the Senate acts first — and whether an agency-led framework would face the same jurisdictional fights that have stalled prior crypto rulemaking.