U.S. CFTC chief puts staff on notice to create crypto regulations if Clarity Act fails - CoinDesk

The head of the U.S. Commodity Futures Trading Commission has reportedly instructed agency staff to begin preparing a regulatory framework for digital assets, contingent on the failure of the Clarity Act in Congress. This preemptive directive signals that the CFTC is not waiting on lawmakers to establish oversight parameters. If legislation stalls, the agency would likely pursue its own rulemaking process to define which crypto assets fall under its jurisdiction as commodities.

For market participants, the distinction matters because a CFTC-led framework would differ from statutory law in both speed and scope. Rulemaking typically involves public comment periods and iterative adjustments, whereas a congressional act provides clearer legal finality. The move also underscores the ongoing jurisdictional overlap with the SEC, as both agencies claim varying authority over digital tokens and trading platforms.

What to watch is whether the bill advances, and how the CFTC structures any proposed rules—particularly regarding custody, market surveillance, and cross-agency coordination. Until either path clarifies, regulatory uncertainty may persist, influencing how institutions approach compliance and product development.