According to CoinMeta, the Commodity Futures Trading Commission (CFTC) of the United States stated at its first meeting of the Innovation Advisory Committee that if Congress fails to advance clear legislation, the CFTC will be prepared to establish its own framework for the crypto market. CFTC Chair Michael Selliger pointed out that congressional legislation is still the preferred path, as it would create a lasting legal distinction between securities regulation and commodity regulation. However, the CFTC is also exploring the use of existing powers to formulate rules for the structure of the crypto asset market. During the meeting, the CFTC also had direct contact with blockchain financial protocol developers, with the aim of providing developers with a legal pathway to establish their protocols in the United States.