According to CoinMeta, as reported by Decrypt, CFTC Chairman Mike Selig stated on CNBC that despite the Senate blocking the Clearing House Act, the agency is still formulating rules for the structure of the crypto market. He pointed out that CFTC's existing statutory authority allows it to take action without the need for Congress. Selig also mentioned that CFTC needs to re-evaluate all rules to adapt to the 24/7 on-chain markets driven by algorithms and autonomous finance. CFTC It is possible to establish designated contract market categories that would allow exchanges to offer leveraged crypto trading, but there is no jurisdiction over the spot market, which still requires legislative support. This move is a major boon for leveraged trading leaders Hyperliquid and Lighter, and a series of announcements are expected to follow.