Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), made it clear that the agency will not stand idle while Congress debates the provisions of the Crypto Asset Market Structure bill.
In a prepared speech at the first meeting of the CFTC's Innovation Advisory Committee on Thursday, Selig stated that the commission will continue its work on crypto regulation, even if the Clarity in Digital Asset Regulation (CLARITY) Act is not passed. According to him, this will "help [Donald Trump] fulfill his promise if Congress does not." The agency head added that he has already directed staff to permit both registered and unregistered entities to offer "leveraged or margined crypto asset trading" and to explore protections for developers.
"We will give CLARITY time for a vote, but if Democrats cannot support a bipartisan version of the bill reflecting compromises from both sides and ultimately sending a fair version of the bill to the President's desk, rest assured: I will direct CFTC staff to promptly begin developing these new rules for the industry," Selig stated.
Consideration of the Market Structure bill is effectively paused until the U.S. Senate returns to work in September. Majority Leader John Thune is then expected to hold a cloture vote on the bill. Passing CLARITY in the Senate will require 60 votes, after which the document will return to the House of Representatives and could be sent to Trump for final approval or a veto.
Related: Trump Claims CLARITY Act Will ‘Protect Crypto Regulation from Future Challenges’
Selig's remarks came just one day after the CFTC head, together with Trump and other crypto industry leaders, participated in a meeting at the White House. The President urged Congress to pass a "fair version" of CLARITY so the country could "stay ahead of China."
Many Democrats in Congress have called for strengthening the ethics provisions of the Market Structure bill, specifically to address the issue of the Trump family's crypto investments, which netted the President $1.4 billion in 2025. On Wednesday, Trump stated that CLARITY has been approved by "many Democrats." However, it remains unclear whether enough legislators will support the bill to overcome the 60-vote threshold needed for its passage in the Senate.
The CFTC Chairman's agenda aligned with that of the U.S. Securities and Exchange Commission (SEC), which on Tuesday published proposed digital asset regulatory rules. The SEC stated that these rules could provide crypto companies with a safe harbor regime that excludes tokens from being deemed "investment contracts," as well as provide certain exemptions for issuers.
CFTC Still Lacks Full Slate of Commissioners
On Thursday, Selig spoke alongside the Chairman of the Innovation Advisory Committee, Walt Lukken, and the committee's designated official, Michael Passalacqua. As the only Senate-confirmed CFTC commissioner on a leadership panel expected to have five bipartisan representatives, Selig has been solely responsible for setting the agency's agenda since December.
On Thursday, the CFTC committee also discussed issues related to artificial intelligence and prediction markets. Under Selig, the agency has claimed "exclusive jurisdiction" over prediction markets because contracts for events on these platforms are considered "swaps." The agency head has directed the commission to file lawsuits against state authorities challenging this position in cases involving companies like Kalshi and Polymarket.
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