CFTC Chair Michael Selig announced that the agency will proceed with a new regulatory framework for crypto assets, even though Congress has not passed legislation to authorize it. At a Fordham Law Blockchain Regulatory Symposium on Monday, Selig said the agency had issued an advanced notice of proposed rulemaking that would allow crypto firms to operate under the CFTC’s oversight rather than navigate a patchwork of state rules. The proposal would create a new category of designated contract market, or CAM, that crypto exchanges could register with if they choose to seek uniform national oversight. Selig said the rules would codify a pathway for exchanges to operate under the same statutory authorities the previous administration used to regulate by enforcement. The proposal would not cover spot crypto exchanges that are generally regulated under state money transmission laws, although the CFTC would retain authority to enforce anti-fraud and anti-manipulation rules against those platforms. Selig’s announcement came weeks after the Senate failed to approve the Digital Asset Market Clarity Act, a bill that would have expanded the CFTC’s authority. The Securities and Exchange Commission had already proposed its own tailored securities offering regime for crypto assets in August, setting the stage for both agencies to move forward without new congressional approval. Selig said President Donald Trump had pledged to deliver a crypto asset regulatory market structure with or without legislation, and the regulators would help him do so using existing authorities. ProChain Capital chief David Tawil noted that opponents of the failed CLARITY bill may not have anticipated the executive branch’s willingness to act independently. The CFTC’s move follows the departure of SEC Commissioner Hester Peirce, whose eight‑year tenure ended on Friday, leaving the SEC with only two sitting commissioners. A White House official indicated that Trump intends to nominate new commissioners for both agencies in the near future, though no replacements have been announced as of Monday. The agency remains understaffed as it pushes forward with its crypto regulatory agenda.