US Commodity Futures Trading Commission (CFTC) Chair Michael Selig has indicated that the agency will move forward on cryptocurrency regulations even if Congress fails to pass the Digital Asset Market Clarity (CLARITY) Act.
Speaking at the inaugural meeting of the CFTC’s Innovation Advisory Committee, Selig stated that the commission would act to help deliver regulatory changes if lawmakers cannot reach a bipartisan consensus. He noted that he has already directed staff to explore developer protections and allow registered and non-registered entities to offer crypto asset trading on a leveraged or margined basis.
The market structure bill is currently paused while the US Senate is out of session until September, when Majority Leader John Thune is expected to hold a cloture vote. The legislation requires 60 votes to pass the chamber before it can return to the House of Representatives and ultimately reach President Donald Trump's desk.
Selig's comments followed a White House meeting where President Trump urged Congress to pass a fair version of the CLARITY Act. Congressional Democrats have advocated for stronger ethics provisions in the bill to address the president's family crypto investments, leaving the 60-vote threshold in the Senate uncertain.
In addition to discussing digital asset rules, the CFTC committee addressed prediction markets and artificial intelligence. The agency maintains that it holds exclusive jurisdiction over prediction markets because event contracts on these platforms are classified as swaps, leading the commission to file lawsuits against state-level authorities challenging this position.
Selig has been solely responsible for directing the CFTC's agenda since December as the only Senate-confirmed commissioner on a leadership panel designed to include five bipartisan members.
