As uncertainty grows around the fate of the crypto market structure bill (CLARITY Act), newly appointed Commodity Futures Trading Commission (CFTC) Chair Michael Selig is making a strong case for its passage.
Selig argues that the legislation moving through Congress could position the United States as the global benchmark — or “gold standard” — for crypto regulation, addressing what he described as years of regulatory ambiguity that have held the industry back.
Clear Crypto Rules Could Arrive Within Months
Speaking in an interview with FOX Business, Selig said the US has long suffered from a lack of clear oversight for digital assets, forcing innovation and capital to move offshore.
He explained that the proposed crypto market structure legislation is designed to introduce long‑needed clarity by defining a “token taxonomy” and clearly outlining which regulators have authority over different parts of the crypto market.
For the first time, he added, developers and investors may soon have a framework that clearly defines what qualifies as a security, what does not, and how digital assets should be treated under US law.
Selig also challenged the approach of treating nearly all digital assets as securities, calling it outdated. He argued that many cryptocurrencies function more like commodities and should therefore fall under the CFTC’s jurisdiction rather than being regulated exclusively by the Securities and Exchange Commission (SEC).
Looking ahead, Selig said he believes the market structure bill could reach President Donald Trump’s desk within the next couple of months. He also praised the president’s leadership and vocal support of the crypto sector, suggesting that executive backing could help push the legislation across the finish line.
Senate Democrats Plan Closed‑Door Meeting
Meanwhile, activity is picking up on Capitol Hill. Crypto journalist Eleanor Terrett reported on X (formerly Twitter) that Senate Democrats are planning to reconvene for a closed‑door meeting on crypto market structure.
The meeting, expected to take place this week, would mark the first member‑level Democratic caucus discussion on the issue since the Senate Banking Committee postponed its markup last month.
This comes as the delayed markup occurred last month after pushback from the industry. That opposition included crypto exchange Coinbase withdrawing its support over provisions related to tokenized equities, decentralized finance, and stablecoin rewards and yields.
As a result, the bill stalled in the Senate Banking Committee, increasing the uncertainty surrounding its eventual passing schedule, even though the Senate Agriculture Committee’s version of the bill passed during last week’s vote.
Featured image from OpenArt, chart from TradingView.com