According to CoinMeta, the chairman of the US CFTC, Mike Selig, stated at the first "Innovation Advisory Committee" meeting on August 21 that if Democrats continue to obstruct the advancement of the Clarity Act, CFTC will use its existing statutory authority to directly establish a regulatory framework for the crypto asset market. He mentioned that staff have been instructed to study the specific rules, and both currently registered institutions and unregistered crypto exchanges may be designated by CFTC as specialized "crypto asset DCM" to provide leveraged or margin trading under the corresponding regulatory rules. If the act still cannot pass in the end, CFTC will swiftly advance related rule proposals.