CFTC Vows to Craft Crypto Rules Following Clarity Act Setback

Bitcoin Magazine

CFTC Chairman Says Agency Will Write Crypto Rules After Clarity Act Vote Fails

Commodity Futures Trading Commission Chair Mike Selig has indicated that the top regulator will proceed with using its existing authority to push forward crypto legislation despite the Clarity Act being blocked.

In a Wednesday statement posted on X, Selig said that the agency would still assist U.S. President Trump in "getting the job done."

The Clarity Act was stopped on Tuesday in a procedural vote, with the long-waited legislation failing to secure the 60 votes needed to move forward. The bill aims to formally split oversight between regulators, clarifying which digital assets qualify as securities, commodities or stablecoins.

"Americans deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets," Selig wrote.

"President Trump promised to deliver a future-proof crypto asset regulatory market structure one way or the other, and we will help him get the job done using our existing statutory authorities.

"The U.S. is and will remain the crypto capital of the world. The CFTC is locked in and ready to ship its rules for the new frontier of finance."

Last month, President Donald Trump urged lawmakers to pass the Clarity Act, describing it as "very powerful," though Republicans noted that Democrats were deliberately stalling it.

With Trump's appointment of regulators and his presence in the White House, the regulatory environment has become more favorable to crypto, and expectations are that further pro-crypto rules will continue to be rolled out.

The Securities and Exchange Commission put forward its own framework for crypto asset offerings last month, moving ahead even as the Clarity Act vote stalled.

Although the House of Representatives passed the Clarity Act last year, it remained stuck for most of this year due to clashes between the banking lobby, lawmakers, and crypto businesses over whether platforms like Coinbase should be allowed to pay customers yield.

Some lawmakers have pushed for changes to the bill's wording regarding ethics, and a new draft began circulating in July. That draft would prohibit government officials from promoting crypto or profiting from it.

Still, other Democratic lawmakers argued it did not go far enough, while a number of pro-crypto Republicans accused Democrats of engaging in political games and delaying the bill.