Michael Selig, Chairman of the US Commodity Futures Trading Commission (CFTC), announced that the institution will continue its regulatory efforts using its existing legal powers following the failure of the Senate vote on the Clarity Act, a regulatory framework for the cryptocurrency market.
Selig, in a statement made via X, called the Senate outcome “unfortunate,” adding that Americans deserve regulatory clarity, legal certainty, and consumer protections in the crypto asset markets.
Selig, recalling that US President Donald Trump promised to create a future-proof crypto asset market structure, stated that the CFTC would contribute to the realization of this goal within its existing legal powers. The CFTC Chairman argued that the US would continue to be the “crypto capital of the world,” and indicated that the institution was ready to publish its rules for the new financial system.
Selig’s statement comes amidst heightened debate in Congress about what steps regulators might take under existing legislation if a comprehensive crypto market structure law cannot be advanced. The CFTC and the U.S. Securities and Exchange Commission (SEC) published a joint regulatory comment in March 2026 outlining how federal securities laws would apply to certain crypto assets and transactions. The CFTC stated that this step complemented Congress’s efforts to create a comprehensive market structure framework.
*This is not investment advice.