CFTC Chair: Regulation Plan Proceeds If Crypto Bill Lacks Clarity

US CFTC Chair Michael Selig has told lawmakers and the crypto industry that the agency will continue moving on digital-asset regulation even if Congress does not pass the Digital Asset Market Clarity (CLARITY) Act. Speaking in prepared remarks at the CFTC’s Innovation Advisory Committee’s inaugural meeting on Thursday, Selig framed the agency’s approach as a way to “give CLARITY its breathing room” while still preparing rulemaking that could be deployed quickly if the bill stalls.

Selig also described actions already set in motion inside the commission, including work aimed at allowing both registered and non-registered entities to offer leveraged or margined crypto asset trading, alongside efforts to develop protections for developers. His comments came as the broader crypto policy debate in Washington remains tied to the timing of Senate proceedings and ongoing negotiations over the bill’s content.

Key takeaways

• Despite CLARITY being the central market-structure proposal, CFTC leadership signaled it will pursue crypto rules independently if Congress cannot finalize the legislation.
• Selig said staff have already been directed to consider rules that would enable leveraged or margined crypto trading by both registered and non-registered entities.
• The CLARITY bill appears paused until the US Senate returns in September, with a cloture vote requiring 60 support to advance.
• Selig’s agenda aligns with the SEC’s parallel approach: proposed digital-asset rules designed to provide clearer regulatory pathways for market participants.
• The CFTC is currently operating with a limited leadership panel, with Selig described as the only Senate-confirmed commissioner directing agenda-setting since December.