CFTC Chair Michael Selig said the agency will continue developing cryptocurrency rules under existing authority rather than wait for new legislation. The CFTC is considering a separate market framework under the Commodity Exchange Act to supervise cryptocurrency exchanges and leveraged trading, along with conditional permission for unregistered exchanges to provide services under its oversight. Selig said regulators reviewed their statutory powers and areas needing legislation through the president's Digital Asset Markets Working Group. The comments followed the Senate's failure last month to advance the crypto market structure bill known as the Clarity Act, and came as U.S. regulators prepare a framework for an emerging area of finance.