Chairman of the U.S. Commodity Futures Trading Commission: Disappointed that the Clarity Act failed to pass.

Mike Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), expressed disappointment that Congress failed to pass the Claritism Act, which would have ensured customer protection for crypto asset trading. Selig was pushing for a voluntary federal registration path for crypto exchanges, applying the same protection mechanisms to the U.S. derivatives market, covering platforms offering leveraged, margin, or financed retail trading. The Senate voted 49-50 on September 15 to prevent the bill from moving forward; the CFTC opened a public comment period for the framework on October 5, with a deadline of December 14. (Source: Bloomberg)