BlockBeats News, August 21, according to HTX market data, Bitcoin has surged significantly for two consecutive days, with a total increase of 16.66%, bringing its market value back to $1.5 trillion.

The cryptocurrency market has rebounded. Following a series of bullish statements towards the cryptocurrency field by former U.S. President Trump earlier in the week, on Thursday, the first meeting of the Innovation Advisory Committee of the U.S. Commodity Futures Trading Commission (CFTC) was held, with many cryptocurrency industry leaders and executives attending and speaking, further boosting the market.

At the same time, Michael Selig, Chairman of the CFTC, stated that even if the U.S. Congress fails to pass the "Cryptocurrency Market Structure Act," the crypto industry will still receive market structure regulatory rules. Selig mentioned that the CFTC could establish market regulation frameworks through rulemaking or legislative efforts.

Selig stated that the CFTC is currently evaluating multiple cryptocurrency regulatory rules but will continue to monitor the progress of the "Clarity Act." The bill is currently stalled in the U.S. Senate, with a procedural vote expected in mid-September, but the uncertainty remains as to whether it will secure enough votes before the U.S. midterm elections.

Selig noted that legislation is the "most reliable way," but the CFTC already has significant regulatory authority under existing law. If Congress ultimately fails to pass the relevant bills, the CFTC will use its existing authority to create regulatory rules.