Crypto Regulation Updates: CFTC Warns It Will Act Alone If Clarity Act Stalls
Washington’s uneasy crypto truce may be running out the clock. As lawmakers left for the summer without acting on the long-awaited Clarity Act, the top U.S. derivatives regulator made clear he’s not willing to wait around for Congress to catch up. The latest wave of crypto regulation updates shows an agency ready to move first, a securities regulator already moving, and a market reacting to both with real money.
Key takeaways
- CFTC Chair Michael Selig says he will direct his agency to build a crypto trading framework if the Clarity Act doesn’t clear Congress by September.
- The Clarity Act remains stuck in the Senate, still short of roughly six Democratic votes needed to reach the 60-vote threshold after lawmakers left for August recess.
- The SEC has already proposed its own rules, Regulation Crypto Assets, with exemptions for offerings up to $5 million and $75 million.
- Bitcoin ETFs pulled in $606 million and Ethereum ETFs $219 million in a single day, marking their strongest inflows in months.
- Nearly $5 billion in crypto shorts were liquidated over two days as Binance rolled out an AI trading platform and X moved toward paying creators in stablecoins.
CFTC Chair Signals Unilateral Crypto Rulemaking Amid Clarity Act Stalemate
CFTC Chair Michael Selig is done waiting on Congress. Speaking to a room full of crypto executives, Selig said that if the Clarity Act stays stuck, his agency will draft its own crypto framework without lawmakers’ help. “Rest assured, I will direct CFTC staff to move swiftly,” Selig said, according to reporting on his remarks.
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