CFTC Commissioner Michael Selig said the agency will develop a cryptocurrency regulatory framework using authority already granted under current law, despite the Senate’s failure to advance the Clarity Act. Selig called the outcome unfortunate and said the CFTC is reviewing jurisdiction for leveraged crypto trading, including perpetual futures, as well as a framework allowing on-chain financial protocols to legally provide services in the United States. He also said the Trump administration is committed to building a durable crypto market structure and that the CFTC would help establish it even without new legislation.