U.S. Regulation

CFTC Chairman Michael Selig Urges Congress to Pass CLARITY Act Before August Recess

Commodity Futures Trading Commission (CFTC) Chairman Michael Selig is making one of the strongest pushes yet for comprehensive U.S. crypto regulation, calling on Congress to pass the Digital Asset Market Clarity (CLARITY) Act before lawmakers leave for their August recess. During an appearance on Fox Business, Selig described the legislation as “absolutely critical” for the future of the U.S. digital asset industry, arguing that it would finally establish clear federal rules for cryptocurrencies while strengthening consumer protections and keeping blockchain innovation in America.

Selig warned that years of regulatory uncertainty have created a fragmented system in which crypto companies must navigate overlapping state regulations and conflicting federal oversight. He said the CLARITY Act would provide the legal certainty needed for businesses to invest, innovate, and compete globally while giving regulators a clear framework for supervising digital asset markets.

Selig Says the Industry Is “So Close”

Speaking on Mornings with Maria, Selig emphasized that Congress has an opportunity to complete one of the most significant pieces of crypto legislation in U.S. history.

He urged lawmakers to avoid allowing unrelated political disputes to delay the bill, saying the digital asset industry has waited years for comprehensive market structure legislation.

According to Selig, passing the CLARITY Act before Congress leaves for its August recess would provide long-overdue certainty for businesses, investors, and regulators alike.

What the CLARITY Act Would Do

The legislation is designed to establish clear regulatory boundaries between the CFTC and the Securities and Exchange Commission (SEC).

Among its primary objectives are:

  • Defining which digital assets qualify as commodities or securities.
  • Clarifying the regulatory responsibilities of the CFTC and SEC.
  • Creating consistent federal oversight for crypto markets.
  • Strengthening consumer and investor protections.
  • Encouraging blockchain innovation within the United States.

Supporters believe the bill would replace years of regulatory uncertainty with a comprehensive framework that allows companies to build with greater confidence while ensuring appropriate market oversight.

Ending the Patchwork of State Regulations

Selig argued that the current regulatory environment places unnecessary burdens on digital asset companies.

Instead of operating under one national framework, many businesses must comply with a patchwork of individual state licensing requirements alongside overlapping federal regulations.

He said the CLARITY Act would modernize crypto regulation by creating uniform national standards that simplify compliance while maintaining strong protections for consumers and financial markets.

Industry Leaders Continue Supporting the Bill

Selig’s comments add to a growing coalition of government officials and industry leaders calling for swift passage of the legislation.

Recent supporters have included:

  • Treasury Secretary Scott Bessent
  • SEC Chairman Paul Atkins
  • Senator Cynthia Lummis
  • Former White House AI and Crypto adviser David Sacks

Many argue that regulatory clarity is essential if the United States hopes to remain competitive as countries across Europe, Asia, and the Middle East continue advancing comprehensive digital asset regulations.

Competition for Crypto Leadership Is Intensifying

The urgency surrounding the CLARITY Act comes as other jurisdictions continue moving ahead with digital asset regulation.

The European Union recently completed implementation of its Markets in Crypto-Assets (MiCA) framework, while countries including the United KingdomUnited Arab Emirates, and Singapore continue expanding regulated blockchain ecosystems.

Supporters of the CLARITY Act argue that further delays could encourage blockchain companies and investment capital to relocate overseas in search of clearer regulatory environments.

Regulators Say They Are Ready to Implement the Law

Selig also stated that the CFTC is prepared to begin implementing the legislation as soon as it becomes law.

He noted that the agency has already been working closely with the SEC on digital asset policy and believes both regulators are prepared to establish a coordinated oversight framework if Congress approves the bill.

According to Selig, the goal is not simply to regulate crypto, but to create rules that encourage innovation while protecting investors and preserving market integrity.

Terron Gold

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