According to CoinMeta, Michael Selig, the chairman of the Commodity Futures Trading Commission (CFTC), stated that the commission's crypto regulations can be advanced without new legislation. He made these remarks at the first Innovation Advisory Committee meeting in Washington. Selig pointed out that if Congress fails to pass the Digital Assets Market Clarification Act, regulatory bodies will have to resort to their existing powers as a backup option. He said that the CFTC will utilize its current authority, and if the clarification act remains stalled, staff have already begun exploring a separate framework for the crypto market structure. This framework could cover both registered companies and currently unregistered crypto exchanges. Selig also instructed staff to study the possibility of conducting leveraged or margin-based crypto transactions under tailored CFTC regulations.