Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), signaled that the agency will not remain idle while Congress continues to debate provisions of a cryptocurrency market structure bill.

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 if lawmakers fail to pass the Digital Asset Market Clarity (CLARITY) Act, adding that doing so would "help [Donald Trump] deliver if Congress will not." According to the chair, he has 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.

"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," Selig said.

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, after which it could go to Trump's desk for final approval or a veto. That makes the CFTC's parallel rulemaking push relevant even before any final vote, since the agency is the primary federal regulator for derivatives and has long been one of the key institutions expected to shape how digital asset trading is supervised in practice.

Selig's remarks came one day after the CFTC chair stood alongside Trump and other crypto industry leaders at a White House meeting, where 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 needed to pass the Senate.

The CFTC chair's agenda echoes 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," along with certain exemptions for issuers. Together, the two agencies' actions show how regulators are advancing policy even as Congress continues to debate the broader statutory framework.

CFTC still lacks a full panel of commissioners

Selig spoke on Thursday alongside Innovation Advisory Committee Chair Walt Lukken and the committee's Designated Federal Officer Michael Passalacqua. As the only Senate-confirmed commissioner at the CFTC — 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 "exclusive jurisdiction" over prediction markets because event contracts on those platforms are considered "swaps." The chair has directed the commission to file lawsuits against state-level authorities challenging this position in cases involving companies such as Kalshi and Polymarket.