CFTC Chair Selig says the regulator is preparing for round-the-clock on-chain markets despite the Clarity Act being blocked by lawmakers.
CFTC Chair Mike Selig stated that the agency is getting ready for markets to operate “24-7, on-chain.”
In a Wednesday interview with CNBC, Selig remarked that it is an exciting period for overseeing crypto and artificial intelligence markets.
Despite lawmakers blocking the Clarity Act last week, the CFTC is rapidly proceeding with crypto rulemaking. After the vote, Selig stated the regulator would assist President Trump in accomplishing the task of overseeing digital assets.
“Our markets are rapidly evolving,” Selig said. “We really have to reevaluate all of our rules and regulations to make sure that we’re ready and prepared for this transition to 24-7 on-chain and these automated markets that are facilitated through the use of algorithms and agentic finance.”
The Clarity Act aims to create a formal split of regulatory authority, clarifying which digital assets qualify as securities, commodities, or stablecoins.
However, the bill faced delays this year due to the banking lobby's objections to crypto firms offering customers stablecoin rewards and concerns from some lawmakers, mostly Democrats, about ethical aspects.
Trump gained support from major industry figures during his campaign, and since taking office, his family has profited from digital asset businesses.
Allegations of conflicts of interest have been made by some lawmakers, but the White House consistently denies any misconduct.
Even with the Clarity Act stalled, the CFTC and SEC are moving forward with rulemaking. The CFTC last week submitted a proposal to the White House concerning the regulation of crypto transactions and markets.
Meanwhile, the SEC approved trading of tokenized stocks that same week. In August, it also introduced its own framework for crypto asset offerings, advancing while the landmark bill remained blocked.
Selig, previously chief counsel at the SEC's Crypto Task Force, was called “instrumental in driving forward the President’s crypto agenda” by White House Crypto and AI Tsar David Sacks.
In August, President Trump pushed lawmakers to pass the Clarity Act, describing it as “very, very powerful.”
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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