According to CoinMeta, as reported by WatcherGuru, the Commodity Futures Trading Commission (CFTC) of the United States stated, "The U.S. will no longer watch the crypto industry drain overseas while other countries set the standards." CFTC Chair Mike Gensler has taken a series of actions over the past month, including: promoting the establishment of a formal regulatory framework for the crypto market, allowing developers to create passive derivatives software without broker registration, initiating new rule-making to regulate crypto trading, issuing updated regulatory guidelines, proposing the first set of rules to regulate the U.S. crypto industry, and advancing new investor protection measures to prevent fraud, manipulation, and abuse in the market. The CFTC also stated that it will establish clear crypto regulations regardless of whether Congress passes legislation or not.