CFTC Chair to Advance Crypto Regulation if CLARITY Act Fails

The signal here is jurisdictional: the CFTC is preparing to move on digital assets regardless of whether Congress delivers a market-structure framework, which shifts the locus of rulemaking from legislation to agency discretion. Developer protections are the notable piece, since they touch on how liability is assigned for code rather than for intermediaries. The open question is whether this staff-level exploration hardens into formal proposals, and how that interacts with the CLARITY Act's path — or its failure — in Congress.