CFTC Chair Says Agency Will Act on Crypto Rules if CLARITY Act Stalls

CFTC Chairman Michael Selig said Thursday the agency won’t wait indefinitely for Congress to pass crypto legislation, telling the newly formed Innovation Advisory Committee that the CFTC will move forward with its own crypto regulations if the CLARITY Act fails to advance. He said he’s already directed staff to explore allowing leveraged crypto trading and developer protections.

Warning to Congress on Bipartisan Compromise

Selig said the agency would give the CLARITY Act room to reach a vote, but warned that if Democrats can’t support a fair, bipartisan version, he would direct CFTC staff to move quickly on proposing new industry rules independently.

Bill Remains Stalled Until September

The CLARITY Act is currently paused until the Senate reconvenes, when Majority Leader John Thune is expected to hold a procedural vote requiring 60 votes to advance. Selig’s comments came a day after he joined President Trump and crypto executives at a White House event, where Trump pushed for a fair version of the bill to keep the US ahead of global competitors like China.

Ethics Concerns Remain Unresolved

Many Democrats continue pushing for stronger ethics provisions addressing Trump’s crypto investments, which reportedly earned him $1.4 billion in 2025. While Trump claimed some Democratic support for the bill, it remains unclear whether it can reach the 60-vote threshold.

SEC Pursuing Similar Approach

Selig’s stance mirrors recent action from the SEC, which proposed new crypto rules this week offering potential safe harbor protections and exemptions for token issuers.

CFTC Still Operating With Limited Leadership

Selig remains the only Senate-confirmed commissioner at the CFTC, leaving him solely responsible for setting the agency’s agenda since December. The committee also discussed AI policy and prediction markets, an area where the CFTC has claimed exclusive jurisdiction and pursued legal action against state regulators challenging that authority.