US Commodity Futures Trading Commission (CFTC) Chair Michael Selig signaled that the agency will not sit idle while Congress continues to debate provisions of a cryptocurrency market structure bill, vowing to advance crypto regulation through the commission's own authority even if lawmakers fail to pass the Digital Asset Market Clarity (CLARITY) Act.

In prepared remarks for the inaugural meeting of the CFTC's Innovation Advisory Committee on Thursday, Selig said the commission would move forward on crypto regulations even in the absence of the CLARITY Act being passed by lawmakers, adding that doing so would "help [Donald Trump] deliver if Congress will not." According to the chair, he had already directed staff to allow registered and non-registered entities to offer "crypto asset trading on a leveraged or margined basis" and to explore developer protections. Those steps would give the agency a more immediate path to action while Congress debates which regulator should oversee different parts of the digital asset market.

"We're going to give CLARITY its breathing room for a vote, but if the Democrats cannot support a bipartisan work product, which reflects compromises from both sides of the aisle, and ultimately send a fair version of the bill to the President's desk, then rest assured, I will direct CFTC staff to move swiftly to propose these new rules for the industry," said Selig.

The market structure bill is effectively paused until the US Senate returns to session in September, when Majority Leader John Thune is expected to hold a cloture vote on the legislation. CLARITY would need 60 votes to pass the chamber and return to the House of Representatives, whereupon it could go to Trump's desk for final approval or a veto. The delay leaves industry participants waiting for clearer federal rules, even as both the CFTC and the Securities and Exchange Commission (SEC) are signaling that they may act under existing authority if lawmakers do not.

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Selig's remarks came one day after the CFTC chair stood alongside Trump and other crypto industry leaders at a White House meeting. At that gathering, the president urged Congress to pass a "fair version" of CLARITY to keep the country "ahead of China."

Many Democrats in Congress have been calling for stronger ethics provisions in the market structure bill, specifically to address the Trump family's crypto investments, which netted the president $1.4 billion in 2025. Although Trump said on Wednesday that a "lot of Democrats" approved of CLARITY, it remains unclear whether enough lawmakers will support the bill to meet the 60-vote threshold required to pass the Senate.

The CFTC chair's agenda echoed that of the US Securities and Exchange Commission (SEC), which on Tuesday released proposed rules for digital asset regulation. The securities regulator said the rules could provide crypto companies with a safe harbor policy from tokens being treated as "investment contracts" and certain exemptions for issuers, underscoring how both agencies are preparing for a possible regulatory framework gap if Congress does not act soon.

CFTC still lacks a full panel of commissioners

Selig spoke alongside Innovation Advisory Committee Chair Walt Lukken and the body's Designated Federal Officer Michael Passalacqua on Thursday. As the only Senate-confirmed commissioner at the CFTC — in a leadership panel expected to consist of a bipartisan group of five members — Selig has been solely responsible for directing the agency's agenda since December.

The CFTC committee also discussed issues related to artificial intelligence and prediction markets on Thursday. Under Selig, the agency has claimed that it has "exclusive jurisdiction" over prediction markets because event contracts on the platforms are considered "swaps." The chair has directed the commission to file lawsuits against state-level authorities challenging this position in cases involving companies like Kalshi and Polymarket.

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