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CFTC Chairman Michael S. Selig stated at the CFTC Innovation Advisory Committee meeting that if the CLARITY Act continues to be delayed, the CFTC will not wait indefinitely and will directly utilize its existing authority to advance crypto market regulation. This includes bringing both existing and unregistered crypto exchanges under CFTC oversight and exploring pathways for on-chain financial protocol developers to enter the U.S. market legally and compliantly. Selig believes that passing the CLARITY Act remains the most prudent approach, as it would formally codify regulatory boundaries into law. However, even if Congress does not pass the bill, the CFTC is already prepared to establish its own rules to create a more comprehensive digital asset market structure in the U.S.

CFTC Chairman Michael S. Selig stated at the CFTC Innovation Committee meeting that if the CLARITY Act continues to be delayed, the CFTC will not wait indefinitely but will directly utilize its existing authority to advance crypto market regulation. This includes bringing both existing and unregistered crypto exchanges under CFTC oversight and exploring pathways for on-chain financial protocol developers to enter the U.S. market legally and compliantly. Selig believes that passing the CLARITY Act remains the most prudent approach, as it would formally enshrine regulatory boundaries into law. However, even if Congress does not pass the bill, the CFTC is prepared to establish its own rules to create a more comprehensive digital asset market structure in the United States.

On August 10, F2Pool co-founder Wang Chun stated that OCEAN pool co-founder and CTO Luke Dashjr is not only financially bankrupt but also personally bankrupt. He also "suggested" that Luke might next try changing the PoW algorithm, but the result would be no better. Yesterday's news: Bitcoin's BIP-110 fork faced failure just 8 hours after going live, with insufficient hash power support, producing only two blocks.