The U.S. Commodity Futures Trading Commission has taken two notable steps that could reshape crypto oversight: exercising emergency authority to support market stability and preparing to advance digital asset rulemaking even if Congress does not pass the CLARITY Act.
On August 11, the CFTC announced via its official account that it had used emergency authority to maintain market stability, effective immediately. The regulator said the measures target potential market disruptions in the crypto space and are intended to bolster trader confidence during a period of mixed market signals and uncertainty.
CFTC Chairman Michael Selig, speaking August 4 at the Flyover Fintech conference in Lincoln, Nebraska, hosted by Rep. Mike Flood, said the agency developed digital asset rule proposals in parallel with CLARITY Act negotiations. The CFTC is prepared to issue those proposals if Congress passes the legislation, but Selig said the rulemaking effort will continue without new legislation. He also said he and SEC Chairman Paul Atkins are prepared to develop joint rules defining their respective areas of authority over digital asset markets.
A key gap remains: the CFTC currently has authority over crypto derivatives and can address fraud and manipulation, but it lacks comprehensive control over U.S. spot markets for digital commodities. The CLARITY Act would provide that statutory authority, giving the CFTC exclusive jurisdiction over qualifying digital commodity spot transactions and creating registration requirements for digital commodity exchanges, brokers, and dealers.
The agency has already worked on tokenized collateral, crypto derivatives, prediction markets, and 24-hour trading, and has withdrawn older digital asset guidance. Previously, the CFTC launched a pilot allowing Bitcoin, Ether, and USDC to serve as collateral in derivatives markets. Meanwhile, the SEC is scheduled to consider Regulation Crypto Assets on August 14.
