The chairman of the CFTC, Michael Selig, warned that regulators could end up “writing all the rules” for digital assets if Congress fails to pass the Clarity Act before the August recess.
In statements to Fox Business, Selig urged lawmakers to move forward with the crypto market structure bill, which would divide digital asset oversight between the CFTC and the Securities and Exchange Commission.
The House of Representatives passed the legislation in July 2025, while the Senate continues negotiating its version. The Senate Banking Committee advanced the measure on May 14 with the support of two Democrats.
The CFTC chairman described the absence of a unified framework as a “mosaic of state laws and regulations” that he characterized as “very harmful to business.” He identified the expansion of secondary objectives outside the core of the bill as the main obstacle, particularly Democratic pressure to include ethics clauses tied to President Trump and his digital asset businesses.
Galaxy Research lowered its approval estimate for the Clarity Act in 2026 to 50%, having projected 60% in June, citing constraints in the Senate calendar and a lack of progress in negotiations.
Source:Â https://www.youtube.com/watch?v=DMx5zb90DNg
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