CFTC Chair Says Crypto Rules Will Advance Even Without CLARITY Act

CFTC Chair Michael Selig said the agency has crypto market structure proposals ready and plans to move ahead regardless of whether Congress passes the CLARITY Act. His comments arrive ahead of a Senate procedural vote scheduled for September 15.

Selig told reporters the CFTC already has rule proposals prepared, giving the regulator a second path if lawmakers cannot reach a deal. “Crypto will get market structure regardless of bill,” he said, signaling the agency does not intend to wait indefinitely for Congress.

The CLARITY Act would establish federal rules for digital assets and define oversight between the CFTC and the SEC. The House passed its version in July 2025. The Senate Banking Committee advanced its version in May 2026. Lawmakers are still negotiating issues involving ethics rules and stablecoin rewards.

Senate Majority Leader John Thune scheduled a cloture vote on the motion to proceed for September 15. The measure needs 60 votes to advance through that procedural stage.

Selig’s remarks come as the CFTC prepares to launch its Innovation Advisory Committee on August 20. The committee’s first meeting will cover crypto regulation, artificial intelligence in financial markets, and prediction markets. The crypto session will examine remaining questions around federal market structure and customer protection.

The CFTC already oversees crypto derivatives. Congress continues debating whether to expand its authority over spot digital commodity markets.

Meanwhile, the SEC is developing separate crypto rules. Securitize President Brett Redfearn said the agency recently pulled back a planned innovation exemption because of concerns surrounding the CLARITY Act vote. He expects the proposal could return after September 15.

Selig has taken a broader approach toward crypto products since becoming CFTC chair in December 2025. The agency has already approved perpetual Bitcoin futures. Additional crypto derivatives could follow under its regulatory agenda.

The CFTC is also seeking public feedback on derivatives tied to computing power used for artificial intelligence. The agency announced the request on August 19 as part of its work on emerging commodity markets. Selig described computing capacity as a key commodity for the growing AI sector. “America cannot win the AI race without a robust derivatives market for compute,” he said.

The consultation covers market liquidity, manipulation risks, customer safeguards, and possible perpetual compute futures. Public comments will remain open for 60 days after publication in the Federal Register.

CME Group and Silicon Data are also preparing contracts tied to GPU rental costs, subject to regulatory review. The planned products would track rental prices for Nvidia H100 and Blackwell B200 chips.

For a broader view of the regulatory environment, see our crypto market analysis.

The Senate vote on September 15 will determine whether the CLARITY Act proceeds. If it fails, Selig said the CFTC’s prepared rules will move forward on their own.