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FollowingWith only weeks to go before recess, Selig is pressing the Senate.
Commodity Futures Trading Commission Chairman Michael Selig (@ChairmanSelig) has stepped up pressure on the Senate to pass the Digital Asset Markets Clarity Act before lawmakers recess on August 7. Days after Congress missed its informal July 4 goal, Selig told Fox Business Channel that the bill was \"very close\" to completion and called on Congress to finally push for its passage. Lawmakers warned that failure to act before the recess could delay the next legislative window for years.
Main content of the Clarification Act
The Clarification Act is a proposed U.S. market structure bill that aims to define digital assets, divide regulatory authority between the U.S. Securities and Exchange Commission (SEC) and the CFTC, and establish registration rules for cryptocurrency exchanges, brokers and dealers. The U.S. House of Representatives passed the bill with bipartisan support in July 2025. The Senate has not yet held a full vote. Senator Cynthia Loomis, who leads the Senate Banking Committee\'s Digital Assets subcommittee, said negotiators \'goal is to publish the bill\'s text and hold a vote within this month. The committee previously approved the bill by a 15 - 9 vote, with two Democrats joining the Republican camp.
Multiple considerations of urgency
Selig attributed the urgency to factors beyond time. His goal is not just to regulate cryptocurrencies, but to make regulatory clarity durable and irreversible, no matter who the next owner of the White House is. He emphasized the need to ensure that future governments hostile to cryptocurrencies cannot repeal these rules. He also pointed out the competitiveness problem of the United States, arguing that the fragmentation of state laws has damaged the innovative vitality of the United States.
Democratic resistance and Trump-related issues
The main obstacle lies at the political level. Democrats are pushing to include ethics provisions to cover the cryptocurrency business of President Trump and his family, as well as anti-money laundering provisions and provisions on stablecoin gains. Selig was nominated by President Donald J. Trump and confirmed by the U.S. Senate on December 18, 2025. He called the requirements \"distractions,\" while Democrats saw them as basic consumer protection measures.
If the Clear Act is passed by the Senate before the August recess, it will clarify the legal boundaries between the SEC and the CFTC on digital asset jurisdiction for the first time, thus ending years of regulatory ambiguity that has deterred large amounts of institutional capital. Some analysts believe that the probability of the bill being passed before the August 7 recess is about 50 - 50.
Prior to his current role, Selig served as chief legal counsel to the SEC\'s Cryptocurrency Working Group and senior adviser to SEC Chairman Paul S. Atkins, helping develop the regulatory framework for digital asset securities markets and working to end the practice of replacing regulation with enforcement.
