The Chairman of the Commodity Futures Trading Commission (CFTC), Michael Selig, is calling on the Senate to pass the Clarity Act without delay.
In a new interview on Fox Business, Selig emphasizes the need for a federal framework and statutory guardrails while noting the bill remains within reach despite disputes.
“We have to get this done. It’s absolutely critical that we have federal standards for crypto assets. And right now we’ve dealt with a patchwork of state laws and regulations, and it’s really been bad for business here in the United States. We want to get this done so that we have certainty and clarity, and consumer protection should be a bipartisan issue. We’ve got to get it across the line.”
Selig warns that failure to act on the highly anticipated crypto bill means regulators like him will end up writing all the rules for digital assets.
“We want to set standards and protect consumers, protect investors, and that’s something that Democrats and Republicans should be able to get behind. I do think there’s a little bit of this creep into ethics and other types of extraneous issues, and they’re just derailing this real opportunity to have a bipartisan bill in place. Otherwise, you end up with regulators like me writing all the rules, and I’m sure all the Democrats would prefer to get something in place that’s bipartisan”
The legislation aims to create a comprehensive regulatory framework for cryptocurrencies. It is designed to address crypto legal uncertainty by drawing clear jurisdictional boundaries between the CFTC and the U.S. Securities and Exchange Commission (SEC).
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