BlockBeats News, August 21, US Commodity Futures Trading Commission (CFTC) Chairman Michael Selig stated that even if the US Congress fails to pass the "Crypto Market Structure Act," the crypto industry will still receive market structure regulatory rules. Selig said that the CFTC can establish market regulatory frameworks through rulemaking or by pushing for legislation.

Selig stated that currently, the CFTC is evaluating multiple crypto regulatory rules but will continue to monitor the progress of the "Clarity Act." The bill is currently stalled in the US Senate, with a procedural vote expected in mid-September, but there is still uncertainty as to whether it will garner enough votes before the US midterm elections.

Selig said that legislation is the "most reliable way," but the CFTC already has significant regulatory authority under existing law. If Congress ultimately fails to pass the relevant bills, the CFTC will use its existing authority to establish regulatory rules.

Meanwhile, the CFTC is studying the establishment of a new regulated platform tentatively called the "Crypto Asset Market," which would allow users to engage in leveraged or margin trading. The CFTC is also engaging with developers from decentralized finance (DeFi) companies to explore their legitimate operation in the US. These measures may provide a compliant pathway for currently overseas-operating unregistered crypto platforms to enter the US market.

In terms of predictive markets, Selig stated that the CFTC is accelerating the formulation of regulatory rules for platform event contracts such as Kalshi, Underdog, and Polymarket US and mentioned that the relevant rules will be completed "soon." Previously, the CFTC has proposed regulatory schemes restricting prediction contracts related to war, terrorism, and assassinations, while also planning to strengthen retail consumer protection.

Additionally, this week, Selig also initiated a public comment period on AI hash rate futures, exploring computing power that underpins the AI industry as a derivative. He stated that if the US wants to win the AI race, it must dominate the hash rate market, calling hash rate the "most important commodity of this era."

Currently, platforms like the CME Group, Intercontinental Exchange (ICE), and Architect Financial Technologies have all announced plans to launch AI hash rate futures, with the products still awaiting regulatory approval. Selig stated that the CFTC is cooperating with the US Department of Commerce to formulate relevant standards and expects to announce further progress in the coming months.