Key Takeaways

• CFTC Chair Michael Selig is preparing an agency-led crypto framework if the CLARITY Act fails to advance in the Sept. 15 Senate vote.

• The proposed rules could let CFTC-supervised exchanges offer leveraged or margined cryptocurrency trading in the US.

• CFTC staff will consult DeFi developers about legal pathways for operating onchain protocols within the country.

The Commodity Futures Trading Commission is preparing to build its own regulatory framework for cryptocurrency markets if Congress fails to advance the CLARITY Act in a key Senate vote scheduled for Sept. 15.

CFTC Chair Michael Selig unveiled the contingency plan during the first meeting of the agency’s…