Mike Selig Says CFTC Will 'Move Swiftly' to Propose Rules if Democrats Continue to Stall CLARITY Act: 'We’ve Crossed the Rubicon'

Mike Selig, Chairman of the Commodity Futures Trading Commission, stated on Thursday that the U.S. has crossed a threshold into new financial frontiers driven by blockchain, AI and prediction markets.Selig Wants America to Take the LeadIn his remarks at the CFTC’s first Innovation Advisory Committee meeting, Selig emphasized that these innovations are inevitable and that the real question is whether America leads in writing the rules or allows other countries to take the lead.“We’ve crossed the Rubicon and are standing at a new frontier of finance,” he added. “We can be optimistic about the future or we can fear it.”If CLARITY continues to stall because of Democratic obstruction, the will utilize its existing authorities to begin establishing a regime for crypto asset markets. We owe it to the American people to do so.Here's how we'll get it done ⬇️ CFTC Will Move Swiftly if Democrats Obstruct CLARITY ActSelig also said that the CFTC would use its existing authorities to establish a regulatory regime for cryptocurrency markets if the CLARITY Act stalls due to Democratic obstruction.He said that if the Democrats cannot support a bipartisan bill, which represents compromises from both sides of the aisel, then he will direct CFTC staff to “move swiftly” to propose new rules for the industry.“We will heed President Trump’s call to codify a future-proof digital asset market structure that cannot be undone by crypto haters,” he said.We’ve crossed the Rubicon and are standing at a new frontier of finance.It’s not a question of whether innovations like blockchain, artificial intelligence, and prediction markets will transform our markets. It’s a question of where this innovation will take place and who will… Read Also: Will CLARITY Arrive in September?Senate Banking Committee Chairman Sen. Tim Scott (R-SC) .The Senate procedural vote remains on the calendar for September 15. The remaining sticking point, however, is an ethics provision tied to President Donald Trump’s family’s cryptocurrency interests.Earlier this week, Trump with Selig and SEC Chairman Paul Atkins, where he urged Congress to pass the CLARITY Act. He described CLARITY as a “powerful structured legislation” that will keep America ahead of China. Read Also: Photo Courtesy: Mark Van Scyoc on Shutterstock.com