TLDR
- CFTC Chairman Mike Selig says his agency will write its own crypto rules if Congress fails to pass the Clarity Act
- Selig has directed staff to explore rules for crypto asset trading on a leveraged or margined basis
- The Clarity Act needs 60 Senate votes and faces resistance mostly from Democrats over ethics concerns
- The SEC also released proposed digital asset rules this week, offering crypto firms a potential safe harbor
- Ripple CEO Brad Garlinghouse spoke at the meeting, saying regulatory clarity is needed to unlock crypto’s potential
The CFTC chief is not waiting around. If lawmakers can’t get the job done, his agency is ready to step in.
CFTC Ready to Act Without Congress
Commodity Futures Trading Commission Chairman Mike Selig made it clear Thursday that his agency will move on crypto regulation with or without the Clarity Act.
If CLARITY continues to stall because of Democratic obstruction, the @CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets. We owe it to the American people to do so.
Here's how we'll get it done ⬇️ pic.twitter.com/mROqraLzFe
— Mike Selig (@ChairmanSelig) August 20, 2026
Speaking at the first meeting of the CFTC’s Innovation Advisory Committee, Selig said he has already directed staff to explore new rules for crypto asset markets using existing agency authority.
He said the goal is to create a regulatory category for crypto firms similar to the CFTC’s existing designated contract markets framework.
Selig also said staff are working on developer protections to allow blockchain protocol builders to operate legally in the United States.
“If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets,” he said.
Where the Clarity Act Stands
The Digital Asset Market Clarity Act is currently on hold until the Senate returns in September.
Senate Majority Leader John Thune is expected to call a cloture vote at that point. The bill needs 60 votes to advance, and it’s not clear that number is within reach.
Most opposition has come from Democrats who want stronger ethics provisions, specifically targeting the Trump family’s crypto holdings, which earned the president an estimated $1.4 billion in 2025.
Trump said on Wednesday that “a lot of Democrats” support the bill, but the vote count remains uncertain.
Selig spoke a day after standing alongside President Trump and crypto industry leaders at the White House, where Trump urged Congress to pass a fair version of the bill to keep the U.S. ahead of China.
Ripple Labs CEO Brad Garlinghouse also spoke at Thursday’s meeting, saying his company was forced to grow outside the U.S. under the previous regulatory environment.
“What a difference leadership makes,” Garlinghouse said, referencing the shift from former SEC Chairman Gary Gensler’s tenure.
SEC Moves in Parallel
The CFTC’s actions came the same week the Securities and Exchange Commission proposed its own crypto rules, known as Regulation Crypto Assets.
The SEC proposal could offer crypto companies a safe harbor, shielding tokens from being treated as investment contracts and giving issuers certain exemptions.
SEC Chair Paul Atkins has still called the Clarity Act the best path forward, arguing a new law would make crypto policy permanent in a way agency rules cannot.
The CFTC committee also discussed artificial intelligence and prediction markets at Thursday’s meeting.
Selig has been the only Senate-confirmed commissioner at the CFTC since December, running the agency’s agenda solo while the full five-member panel remains unfilled.
