Crypto▲ Bullish
CFTC Chairman Readies Backup Rules as Crypto Bill Stalls in Senate
CFTC Chairman Selig orders staff to draft crypto rules using existing powers as the Clarity Act faces Senate gridlock. SEC unveiled its own framework the same week.
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The head of the Commodity Futures Trading Commission isn't waiting for Congress. Should the Digital Asset Market Clarity Act remain stuck, his agency plans to move ahead on its own.
CFTC Chairman Mike Selig told the agency's newly formed Innovation Advisory Committee on Thursday that he has ordered staff to draft fresh regulations for cryptocurrency markets using the commission's existing statutory powers. The framework would mirror the structure the CFTC already uses for designated contract markets, he said.
Selig also said the agency is working on protections for blockchain developers, allowing them to operate inside U.S. borders without legal risk.
"Should the Clarity Act remain deadlocked due to Democratic resistance, the CFTC will deploy its current statutory powers to build a comprehensive regime governing crypto asset trading," Selig said.
The Clarity Act sits in limbo until the Senate returns in September. Majority Leader John Thune is expected to schedule a cloture vote soon after. The bill needs 60 votes to advance, and that threshold looks uncertain.
Democratic opposition centers on ethics requirements tied to the Trump family's crypto investments, which generated roughly $1.4 billion for the president in 2025, according to reports. President Trump said Wednesday that a number of Democrats support the legislation, though the final tally is unpredictable.