Back to Markets
Crypto▲ Bullish
CFTC Chair Selig Sees Congress Nearing Crypto Bill Vote
CFTC Chair Selig says Congress is close to passing the CLARITY Act, which would give his agency primary jurisdiction over Bitcoin and Ether. A Senate vote before August recess is the key marker.
Continue with
CFTC Chair Michael S. Selig said Congress is close to passing the Digital Asset Market Clarity Act, known as the CLARITY Act, which awaits a Senate floor vote and reconciliation with the House version. The House already passed the bill.
The legislation would give the CFTC primary jurisdiction over digital commodities like Bitcoin and Ether, while the SEC would keep oversight of tokens classified as securities. Selig’s comments mark the closest a crypto-specific bill has come to enactment since the 2022 infrastructure law included broker reporting rules for digital assets.
The Senate faces a packed calendar with the August recess weeks away. If the chamber votes before recess, the bill could reach the president’s desk this year. A delay pushes the timeline into September or later, adding uncertainty for exchanges, custodians, and token issuers that depend on clearer jurisdictional lines.
The bill directly affects how platforms classify tokens. Bitcoin and Ether, already treated as commodities by the CFTC in enforcement actions, would receive explicit statutory backing. That could reduce litigation risk for exchanges listing them. Tokens the SEC currently views as securities would remain under SEC rules unless they meet the bill’s definition of a digital commodity.