CFTC Chair Pledges Crypto Rules If CLARITY Act Stalls in Congress

CFTC Chair Michael Selig announced Thursday that the agency would move ahead with its own crypto regulatory framework if Congress fails to pass the Digital Asset Market Clarity (CLARITY) Act, signaling the commission's intent to act unilaterally rather than wait for legislative resolution. Speaking at the inaugural meeting of the CFTC's Innovation Advisory Committee, Selig said he had already directed staff to allow registered and non-registered entities to offer crypto asset trading on a leveraged or margined basis and to explore developer protections within the industry.

The market structure bill is effectively stalled until the US Senate returns to session in September, when Majority Leader John Thune is expected to hold a cloture vote. CLARITY would require 60 votes to pass the chamber and return to the House before reaching President Donald Trump's desk. "We're going to give CLARITY its breathing room for a vote, but if the Democrats cannot support a bipartisan work product… then rest assured, I will direct CFTC staff to move swiftly to propose these new rules for the industry," Selig said.

Selig's remarks followed a Wednesday White House meeting with Trump and other crypto industry leaders, where the president urged lawmakers to pass a "fair version" of CLARITY to keep the US "ahead of China." Many Democrats have sought stronger ethics provisions to address the Trump family's crypto investments, which the president reported as netting $1.4 billion in 2025. While Trump claimed that "a lot of Democrats" support the bill, it remains uncertain whether enough senators will back it to clear the Senate threshold.

The CFTC chair's agenda mirrors that of the US Securities and Exchange Commission, which on Tuesday released proposed rules for digital asset regulation that could offer crypto companies a safe harbor policy. Together, the moves suggest that federal regulators are preparing to fill the policy gap should Congress fail to deliver comprehensive market structure legislation.