CFTC主席称若CLARITY法案受阻将动用现有权力建立加密市场监管框架
The CFTC Could Move Ahead with CLARITY Act Before Congress
As the United States Senate continues to delay its vote on the CLARITY Act, Commodity Futures Trading Commission (CFTC) Chair Michael Selig has stepped up to the challenge.
随着美国参议院继续推迟对《CLARITY法案》的投票，商品期货交易委员会（CFTC）主席迈克尔·塞利格迎难而上。
“If CLARITY continues to stall because of Democratic obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets. We owe it to the American people to do so,” Selig said on August 19.
“如果CLARITY因民主党阻挠而继续停滞，CFTC将利用其现有权限，开始为加密资产市场建立监管体系。我们这样做是出于对美国人民的责任，”塞利格于8月19日表示。
The next scheduled vote for the Senate on the CLARITY is September 15. However, the industry has already seen two delays: in January and again in August.
参议院对CLARITY的下一次预定投票定于9月15日。然而，该行业已经经历了两次推迟：一次在1月，另一次在8月。
Legal experts note that it is “more likely” the industry will see proposed CFTC rules before CLARITY becomes law. However, the September 15 vote could also change that assessment.
法律专家指出，在CLARITY成为法律之前，行业“更有可能”看到CFTC提出的规则。然而，9月15日的投票也可能改变这一评估。
Charles Farrell, a senior managing associate at Dentons specializing in securities, commodities, and digital assets, added that the vote is only “cloture on the motion to proceed.”
Dentons律师事务所高级管理合伙人查尔斯·法雷尔（专攻证券、商品和数字资产）补充说，这次投票仅仅是“对进行动议的终结辩论”。
“CFTC staff has already begun exploring rules and, given Selig’s pace and the industry input already collected, a proposal could be prepared relatively quickly; however, his pledge to give CLARITY ‘breathing room for a vote’ suggests publication is more likely after September 15 if the bill stalls,” Farrell said.
“CFTC工作人员已经开始探索规则，鉴于塞利格的推进速度以及已收集的行业意见，提案可能相对较快地准备好；然而，他承诺给CLARITY‘投票留出喘息空间’表明，如果该法案停滞，提案更可能在9月15日之后公布，”法雷尔表示。
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CFTC crypto rules vs CLARITY Act
CFTC加密规则与CLARITY法案对比
Selig was clear about what his backup plan would actually look like. A framework that could enable any crypto exchange to register as a new type of designated contract market, called a “crypto asset market” and offer cryptocurrency trading on a leveraged or margined basis under the agency’s regulatory oversight.
塞利格明确了他的备用计划实际会是什么样子。一个框架，使任何加密货币交易所能够注册为一种新型的指定合约市场，称为“加密资产市场”，并在该机构的监管监督下，以杠杆或保证金方式提供加密货币交易。
While a meaningful regulatory lift, legal experts caution it looks nothing like a full replacement for the CLARITY Act itself.
虽然这是一项重大的监管举措，但法律专家警告说，这看起来并不完全替代CLARITY法案本身。
“CLARITY draws the line between the CFTC and the SEC by statute. The CFTC acting alone can’t draw that line. It can only build on its side of it,” Braden Perry, a former CFTC senior trial attorney and co-founder and partner at Kennyhertz Perry, LLC said.
“CLARITY通过法规划定了CFTC与SEC之间的界限。CFTC单独行动无法划定这条线。它只能在其一侧进行建设，”前CFTC高级审判律师、Kennyhertz Perry, LLC联合创始人兼合伙人布拉登·佩里表示。
If it goes ahead, according to Perry, any CFTC framework will cover exchange registration, leveraged retail products, and a new crypto asset market designation. This would also mean the security-versus-commodity question will likely remain unanswered.
如果继续推进，据佩里称，任何CFTC框架都将涵盖交易所注册、杠杆零售产品以及新的加密资产市场指定。这也意味着证券与商品的问题可能仍将悬而未决。
“An agency framework covers the plumbing. It can’t settle the property line,” he noted.
“机构框架覆盖了基础设施。它无法解决产权界限问题，”他指出。
Farrell added that the CFTC’s current authority does not extend to the kind of broad oversight that the CLARITY Act would hand it. While it does hold authority over derivatives, certain leveraged retail commodity transactions, and anti-fraud and anti-manipulation authority in spot commodity markets, it does not have the general supervisory authority over unleveraged spot digital commodity trading that CLARITY would provide.
法雷尔补充说，商品期货交易委员会（CFTC）目前的权限并不涵盖《清晰法案》将赋予其的那种广泛监督。虽然CFTC对衍生品、某些杠杆零售商品交易以及现货商品市场中的反欺诈和反操纵拥有权限，但它并不具备《清晰法案》所规定的对非杠杆现货数字商品交易的普遍监督权。
“Because the CFTC cannot by itself determine the outer boundary of the federal securities laws, any asset-classification framework would require close coordination with the SEC and would remain less durable than a statutory allocation of jurisdiction,” Farrell said.
法雷尔表示：“由于CFTC无法自行确定联邦证券法的外部边界，任何资产分类框架都需要与证券交易委员会（SEC）密切协调，并且其持久性不如法定的管辖权分配。”
A weaker form of certainty
一种较弱的确定性形式
Selig himself has acknowledged that legislation would be harder to unwind than agency rulemaking.
塞利格本人也承认，立法比机构规则制定更难被推翻。
“Passing CLARITY is the surest way that we can prevent another Gary Gensler from running a rogue campaign of lawfare against the individuals and companies in this room,” he said, framing the bill as a “future-proofing” mechanism for the digital assets industry.
他说：“通过《清晰法案》是我们防止另一个加里·根斯勒对在座个人和公司发起恶意法律战的最可靠方式。”他将该法案描述为数字资产行业的“面向未来”机制。
Perry noted that Selig is not wrong. Agency rules can be rewritten by the next administration and vacated by courts. Perry added that after the Loper Bright case, where the Supreme Court ended Chevron defense, ruling that Federal courts, not government agencies, have the final authority to interpret ambiguous laws, judges tend to give agencies “far less benefit of the doubt on ambitious readings of old statutes.”
佩里指出，塞利格并没有说错。机构规则可以被下一届政府重写，并被法院撤销。佩里补充说，在Loper Bright案之后，最高法院结束了“雪佛龙”原则，裁定联邦法院而非政府机构对模糊法律的解释拥有最终权威，法官们倾向于对机构“对旧法规的雄心勃勃解读给予更少的信任余地”。
However, in the absence of legislation, CFCT rulemaking could be the “the next strongest avenue for the industry to have legal certainty,” Ron Hammond, head of policy and advocacy at Wintermute said.
然而，在没有立法的情况下，CFTC的规则制定可能是“行业获得法律确定性的下一个最强途径”，Wintermute的政策与倡导主管罗恩·哈蒙德表示。
“We’ve seen a plethora of rules from previous agencies either go away entirely or do a 180-degree pivot from the original intention,” Hammond said. “The difference this time is that this administration has prioritized new rulemaking for digital assets, rather than relying on laws from 90 years ago.”
哈蒙德说：“我们见过前几届机构的许多规则要么完全消失，要么从初衷上180度大转弯。这次的不同之处在于，本届政府优先考虑为数字资产制定新规则，而不是依赖90年前的法律。”
How will companies respond?
企业将如何应对？
For an industry that has spent years navigating regulation-by-enforcement, they could be concerned about a rule the next administration could rewrite.
对于一个多年来一直在应对“以执法代监管”的行业来说，他们可能会担心下一届政府可能重写的规则。
According to Felix Shipkevich, a fintech regulatory attorney and a special professor of law at Hofstra University, this could make digital asset firms more reluctant to make long-term structural or capital decisions until Congress provides a framework that is much harder to unwind.
据霍夫斯特拉大学金融科技监管律师兼法学特别教授费利克斯·希普克维奇称，这可能会使数字资产公司在国会提供一个更难被推翻的框架之前，更不愿意做出长期的结构性或资本决策。
Perry noted companies could be pushed to register in areas where it is “cheap” and to litigate in areas where it is “expensive,” while lobbying for statute.
佩里指出，企业可能会被推向在“廉价”地区注册，在“昂贵”地区诉讼，同时游说制定相关法规。
“Firms won’t make ten-year infrastructure bets on a framework that could be gone in three.”
“企业不会在一个可能三年内消失的框架上做出十年基础设施的投资决策。”
The upshot seems to be a kind of split-track compliance while the industry waits for the outcome of the vote. With 60 votes required and significant issues still needing resolution, the CFTC could beat the Senate to the punch.
结果似乎是，在行业等待投票结果期间，出现了一种双轨合规的局面。由于需要60票且仍有重大问题待解决，CFTC可能先于参议院采取行动。
And even if the vote in favor passes, according to Shipkevich, it is just a “procedural step,” meaning the CFTC “has a strong incentive to continue developing a regulatory framework in parallel.”
据希普克维奇称，即使投票通过，这也只是一个“程序性步骤”，意味着CFTC“有强烈动机继续并行制定监管框架”。
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