According to CoinMeta, CFTC is testing the applicability of U.S. crypto regulations in the absence of Congress. Since the Senate has failed to advance the "Clarify Act," the boundaries of CFTC's current authority have become a key issue in U.S. crypto regulation. Chairman Michael Selinger stated that CFTC does not intend to wait for another vote from Congress and will use the existing statutory authority to advance regulation. He emphasized that Americans should have regulatory transparency and legal certainty in the crypto market. CFTC plans to use the existing regulatory framework to advance the regulation of crypto derivatives without the need for new legislation.