CFTC Chair Michael Selig announced that if Congress does not pass the Digital Asset Market Clarity Act, his agency will use existing authorities to develop a regulatory framework for crypto asset markets. The statement came during the inaugural meeting of the CFTC Innovation Advisory Committee, where Selig directed staff to prepare rule proposals for a market structure label similar to designated contract markets. He said the CFTC will explore rules to codify a crypto asset market structure using its existing authorities and aims to move quickly. The agency also plans to work with developers to ensure protocols can operate legally and compliantly in the United States. The SEC recently proposed its first major crypto rule, Regulation Crypto Assets, and earlier issued a policy statement distinguishing digital asset categories. SEC Chair Paul Atkins said the Clarity Act is the preferred path to permanent policy and said he rejects accusations of lawfare. Ripple Labs CEO Brad Garlinghouse noted that regulatory clarity is needed for responsible innovation and more efficient money movement. The Clarity Act requires Senate approval and faces a three‑week window to secure the 60 votes needed; concerns remain over an ethics provision and bipartisan support. Lawmakers from both parties, primarily Democrats, have raised questions about the draft. The committee also discussed artificial intelligence and prediction market oversight, with Selig indicating further proposals for corporate governance and consumer protection in event contracts.