[Caroline Pham: If Congressional Crypto Legislation Stalls, CFTC Will Initiate Drafting of Self-Regulatory Rules] According to CoinDesk, Caroline Pham, a commissioner of the U.S. Commodity Futures Trading Commission (CFTC), has instructed internal staff to begin drafting regulatory rules for the digital asset market in the event that Congress fails to pass critical crypto legislation in a timely manner. Pham has directed staff to intervene using existing authority under the Commodity Exchange Act and to promptly propose a preliminary draft of regulatory recommendations if the Lummis-Smith Clarity Act cannot take effect as scheduled.