Commodity Futures Trading Commission (CFTC) Chair Michael Selig said on Wednesday that the agency is moving ahead with crypto market-structure rules despite the lack of new legislation, arguing that existing statutory authority gives regulators room to act.

“It’s go time,” Selig said in a CNBC interview, adding that the administration had prepared for the possibility that legislation would not move forward.

“The president has said since day one we’re going to have crypto market structure done,” Selig stated. “That means either legislation or rulemaking, and the agencies have a ton of existing statutory authority.”

Bitcoin (BTC) and the broader cryptocurrency market rallied last week after the CFTC filed two new proposals,…