Commodity Futures Trading Commission Chair Mike Selig announced that the leading regulatory body will proceed to leverage its authority to drive forward cryptocurrency regulations following the blockage of the Clarity Act.
In a statement published Wednesday on X, Selig emphasized that the agency remains committed to assisting U.S. President Trump in fulfilling his objectives.
On Tuesday, a procedural vote in the Senate stalled the Clarity Act after it fell short of the 60 votes required to move forward. The proposed legislation seeks to establish official jurisdiction boundaries between regulators by clarifying which digital assets qualify as commodities, securities, 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 encouraged legislators to approve the Clarity Act, describing the measure as “very powerful.” Meanwhile, Republicans claimed that Democrats intentionally obstructed the bill.
Regulatory agencies have taken a more favorable stance toward digital assets since President Trump assumed office and appointed new leadership, and they are widely anticipated to keep advancing policies that support the cryptocurrency industry.
Similarly, the Securities and Exchange Commission introduced its own regulatory framework for crypto asset offerings last month, moving forward independently while the Clarity Act vote remained stalled.
Although the House of Representatives passed the Clarity Act last year, the legislation faced prolonged gridlock throughout the current year as the banking lobby, lawmakers, and crypto firms locked horns over whether platforms like Coinbase should be permitted to offer yield payments to customers.
In an effort to modify the legislation’s ethics language, a newly drafted bill began circulating in July to prohibit government officials from promoting and profiting from cryptocurrencies.
However, certain Democratic legislators argued that the revisions were insufficient, while various pro-crypto Republicans contended that Democrats were engaging in deliberate political maneuvering to stall the legislation.
Frequently Asked Questions
What is the Clarity Act?
The Clarity Act is a piece of legislation designed to divide regulatory oversight and determine whether digital assets are securities, commodities, or stablecoins.
Why did the Clarity Act fail?
The bill failed to advance after missing the required 60 votes in a procedural Senate vote, following months of political gridlock and clashes over yield payments and ethics language.
What will the CFTC do next?
CFTC Chairman Mike Selig stated that the agency will use its existing statutory authorities to write and advance crypto rules independently.
What did President Trump say about the bill?
President Trump urged lawmakers to pass the legislation last month, calling the Clarity Act “very powerful.”
