Morning Minute is a daily newsletter written by Tyler Warner.
The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
GM! Today’s top news: – Crypto majors are up another 5-10% with BTC leading; BTC at $77.4k – The BTC ETFs saw $606M in inflows and ETH had $219M, new local highs – Over $1.2B in crypto shorts liquidated in past 24 hours, nearly $5B in 2 days – CFTC Chair says he’ll write the crypto rules himself if Congress won’t – Pump Fun posts 2 biggest back-to-back revenue days since January, PUMP +25% 🏛️ CFTC Chair Says He’ll Write Crypto Rules Himself If Congress Won’t The Clarity Act has been stuck in the Senate since lawmakers left for August recess without a procedural vote, still short of the roughly six Democratic votes it needs to clear 60. On Thursday, CFTC Chair Michael Selig told a room full of crypto executives that if the bill stays stuck, his agency will build the framework without them. “If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets,” Selig said at the inaugural meeting of the agency’s Innovation Advisory Committee.
He’s already started. Staff have been directed to explore rules codifying a CFTC market structure for digital assets, and Selig said he’ll direct them to formally propose those rules if Congress doesn’t move. “Rest assured, I will direct CFTC staff to move swiftly.” With this new framework, existing CFTC registrants and currently unregistered crypto exchanges could both come under agency oversight. Leveraged and margined crypto trading would likely be permitted under rules tailored to digital assets.