Mike Selig Calls For Immediate Passage Of Clarity Act

Selig Makes the Case for Legislative Certainty

CFTC Chair Mike Selig (@ChairmanSelig) took the stage at the @consensus2026 summit on May 6 to make a direct case for the immediate passage of the Digital Asset Market Clarity Act, known as the Clarity Act. Speaking in a session with journalist Jesse Hamilton (@jesseahamilton), Selig argued that the U.S. digital asset industry needs durable statutory rules, not litigation, to compete globally.

Selig has been a consistent critic of the prior administration's approach to crypto oversight. He has pointed to how the Biden administration focused on regulation by enforcement, subjecting novel products such as digital assets to legacy rules that could not fit the product. Under his leadership, he has signalled a different direction. The CFTC and other financial regulators must develop clear and fit-for-purpose regulations that allow entrepreneurs to build new things, while continuing to protect the public from fraud, scams and market manipulation, he has said.

The Clarity Act aims to resolve regulatory friction between the SEC and the CFTC by defining the boundaries of the agencies' respective jurisdictions regarding digital assets. The House passed the bill in July 2025 with a 294 to 134 vote, and a related Senate bill advanced through the Senate Agriculture Committee in January 2026.

Stablecoin Compromise Clears Path to Markup

Selig's call at Consensus 2026 comes at a pivotal moment for the bill's Senate prospects. Senators Thom Tillis and Angela Alsobrooks recently released a compromise on stablecoin yield in the Clarity Act, banning yield equivalent to bank deposits but allowing bona fide activities. Crypto trade groups, including Coinbase and Circle, immediately backed the deal and urged the Senate Banking Committee to advance the market structure legislation.

Coming to an agreement means there is likely nothing in the way of a Senate Banking Committee hearing, known as a markup, that could finally advance the legislation another key step in its progress through the Senate. The Senate Banking Committee is now eyeing the week of May 11 for markup, with time tightening ahead of the August recess. Senate Banking Committee Chairman Tim Scott is pushing the bill toward a presidential signature by summer 2026.

The stakes are significant for the broader industry. The lack of a unified regulatory framework has resulted in what many stakeholders describe as regulation by enforcement, creating legal uncertainty, constraining the participation of traditional financial institutions, and pushing innovation abroad. For Selig and the CFTC, passage of the bill would represent a substantial expansion of the agency's remit. Should Congress deliver on making America the crypto capital of the world and send digital asset market structure legislation to the president's desk, the CFTC will have a broad set of new responsibilities.

Sources:
CFTC Chair Selig Op-Ed: America's Financial Markets are Ready for a Golden Age (CFTC.gov)
Crypto Industry Backs Clarity Act Yield Compromise, Pushes Senate Banking for Markup (CoinDesk)
Coinbase Says Deal Reached on Clarity Act Stablecoin Yield (The Block)