Michael Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that if the Clarity Act continues to be delayed because of Democratic opposition, the agency plans to use its existing authority to establish a regulatory framework for crypto markets.

Selig's remarks indicate that the CFTC is prepared to move independently on market structure for digital assets if Congress does not advance the legislation. The Clarity Act is a significant bill that would shift primary oversight of digital commodities to the CFTC, but it has not yet been enacted into law. The bill passed the U.S. House with bipartisan support in July 2025, but it has since stalled in the Senate, where Democratic opposition has been the central obstacle.

The scope of the agency's existing authority matters for what a CFTC-led framework could cover. Under the Commodity Exchange Act, the CFTC directly regulates derivatives markets, including Bitcoin and Ether futures listed on regulated U.S. exchanges, while its power over spot, or cash, crypto markets is largely limited to policing fraud and manipulation. That division has left spot crypto trading outside any comprehensive federal market-structure regime, with many U.S. platforms operating under a patchwork of state licenses, the gap the Clarity Act is designed to fill by assigning digital commodity spot oversight to the CFTC. Industry groups have long argued that the unresolved split between the CFTC and the Securities and Exchange Commission over which assets fall under which regulator has created uncertainty for firms operating in the U.S. market.

The chairman's comments point to a proactive stance by the CFTC as lawmakers continue to face hurdles in moving the bill forward. They also reflect the agency's view that regulatory progress does not necessarily have to wait for the completion of the legislative process. The CFTC has exercised its current powers against crypto venues before, including its 2023 case against Binance over derivatives-related violations, alongside its registration and oversight of crypto futures markets, which have listed products on U.S. exchanges since 2017.

Key Takeaways

Selig said the CFTC is prepared to establish a crypto regulatory framework using its existing powers if the Clarity Act remains stalled.

The Clarity Act would give the CFTC primary oversight of digital commodities, but it has not become law.

Market activity related to Bitcoin's price appears to suggest that participants see regulatory clarity as a positive factor.

What to Watch

Observers should follow developments around the Clarity Act and any actions the CFTC takes to implement rules for crypto markets. Relevant signals could include public remarks from CFTC officials or changes in congressional support for the legislation.

Any formal announcement on a regulatory framework could also affect Bitcoin price expectations, with clearer rules potentially creating a more supportive environment for digital assets if achieved.

Get live prediction-market analysis, powered by Vera. Sign up for Vera .