The U.S. Commodity Futures Trading Commission Chair Michael Selig warned that regulators will end up "writing all the rules" for digital assets if Congress fails to pass the Clarity Act, as the Senate's legislative window narrows ahead of the August recess following a missed July 4 target.
In an interview with Fox Business, Selig urged lawmakers to advance the crypto market structure bill, which would divide oversight of digital assets between the CFTC and the Securities and Exchange Commission.
The House passed the legislation in July 2025, while the Senate continues negotiating its version ahead of a potential floor vote. The Senate Banking Committee advanced the measure on May 14, with two Democrats joining Republicans.
"We're so close. We have to get this done," Selig said. "Otherwise, you end up with regulators like me writing all the rules."
Selig stated that the ongoing absence of a unified framework has left the industry operating under a “patchwork of state laws and regulations” he described as “really bad for business,” and called federal standards “absolutely critical” for certainty, clarity, and consumer protection.
