Key facts
- CFTC Chair Michael Selig stated the agency will proceed with crypto market structure rules regardless of the CLARITY Act's passage.
- The CFTC has rule proposals ready and does not plan to wait indefinitely for congressional action.
- The CLARITY Act, intended to establish federal digital asset rules and clarify CFTC/SEC oversight, faces a Senate procedural vote on September 15.
- Selig's comments coincide with the CFTC's launch of its Innovation Advisory Committee, which will discuss crypto regulation.
- The CFTC is also soliciting public feedback on derivatives linked to computing power for AI.
U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selig has indicated that the agency is prepared to advance its own crypto market structure rules, even if Congress fails to pass the CLARITY Act. Selig stated that the CFTC has rule proposals ready and does not intend to wait indefinitely for legislative action.
The CLARITY Act, which aims to establish federal rules for digital assets and delineate oversight between the CFTC and the Securities and Exchange Commission (SEC), is currently facing a procedural vote in the Senate on September 15. While the House passed its version in July 2025 and the Senate Banking Committee advanced its version in May 2026, negotiations continue on issues such as ethics rules and stablecoin rewards.
Selig's remarks come as the CFTC prepares to launch its Innovation Advisory Committee on August 20. The committee's inaugural meeting will focus on crypto regulation, the application of artificial intelligence in financial markets, and prediction markets. The crypto session is expected to delve into outstanding questions regarding federal market structure and customer protection, building on the CFTC's existing oversight of crypto derivatives.
Meanwhile, the SEC is independently developing its own crypto-related rules. Securitize President Brett Redfearn noted that the SEC recently withdrew a planned innovation exemption, possibly due to concerns surrounding the CLARITY Act vote, and anticipates its potential return after September 15.
Since assuming the role of CFTC chair in December 2025, Selig has adopted a broad approach to crypto products, including the approval of perpetual Bitcoin futures. Additional crypto derivatives may follow under the agency's regulatory agenda.
In parallel, the CFTC is also seeking public input on derivatives tied to computing power, a key commodity for the burgeoning AI sector. The agency announced this request on August 19 as part of its efforts to address emerging commodity markets. The consultation will examine market liquidity, manipulation risks, customer safeguards, and the potential for perpetual compute futures. CME Group and Silicon Data are also developing contracts linked to GPU rental costs, pending regulatory review.