CFTC Chairman Selig pushes for Clarity Act before August recess, says 'we're so close.' The bill would split digital asset oversight between CFTC and SEC, giving the industry a federal standard.
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CFTC Chairman Michael Selig told Congress the Clarity Act is within reach, two days after the July 4th deadline passed. “We’re so close. We have to get this done,” Selig said on Fox Business.
The legislation carves out a split in digital asset oversight between the CFTC and the Securities and Exchange Commission. The House passed it last summer. The Senate has not held a floor vote. Some analysts give the measure even odds of passage before the August 7 recess.
Democrats pushed for ethics language tied to President Trump and his family’s crypto ventures. Selig called that a distraction. “There’s a little bit of creep into ethics and other issues, and they’re just derailing the real opportunity to have a bipartisan bill,” he said.
The stablecoin piece, drawn from the GENIUS Act, also faces disputes. One question: whether exchanges may pay yield on stablecoin balances. That issue touches on the broader crypto market analysis of how stablecoins function as a settlement layer.
Senator Cynthia Lummis, who leads the Senate Banking Committee’s digital assets subcommittee, said negotiators aim to release text and hold a vote this month. The committee advanced the measure 15-9, with two Democrats joining Republicans. Lawmakers have warned that a failure to act before the recess could delay the next opening for years.
Selig framed the bill as a matter of national competitiveness. He described the goal as clear rules and consumer protection. “It’s critical that we have a federal standard for crypto assets,” he said, pointing to a patchwork of state laws that, in his account, has hurt U.S. business.
Bartiromo also asked about prediction markets. Kalshi and Polymarket combined for $24 billion in volume over the past year. Selig said the CFTC has proposed rules for the sector and has sued nine states in a fight over jurisdiction. On markets during the U.S. strikes on Iran near the Strait of Hormuz, he said crypto held its ground as a hedge, while the agency worked to keep oil and derivatives markets orderly.
For traders, the split between CFTC and SEC jurisdiction shapes everything. Which assets count as commodities under CFTC rules and which count as securities under SEC rules affects margin requirements, custody rules, and the ability to offer yield on stablecoin balances. The Senate calendar is the immediate constraint. If the bill stalls, the next opening may not come until 2026.
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