US CFTC Chair Warns Agency Will Write Its Own Crypto Rules If Congress Stays Deadlocked

Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), told the agency's Innovation Advisory Committee that if the legislative deadlock in the US Senate over the so called Clarity Act continues, the CFTC will use its existing authority to build an independent framework for digital asset markets. According to Arzdigital, Selig said on Thursday, August 20, 2026 (29 Mordad 1405) that he has directed CFTC staff to begin drafting rules for the digital asset market structure, including registering new exchanges and overseeing existing platforms.

He added that while legislation through Congress would be more durable, the Commission cannot wait, and said a clear framework would help avoid repeating the confrontational approach seen at the SEC under former chair Gary Gensler. The Clarity Act remains stalled in the Senate due to insufficient support from Democratic senators.