According to CoinMeta, as reported by Coindesk, Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission (CFTC) of the United States, has instructed internal staff to begin drafting regulatory rules for the digital asset market in the event that Congress fails to pass key crypto legislation in a timely manner. Giancarlo requires staff to use the existing authorities under the Commodity Exchange Act to intervene when the regulations cannot take effect on Lummis to Smith Clarity Act, and to submit preliminary regulatory proposal drafts as soon as possible.