CFTC Chair Urges Congress to Pass Clarity Act, Says Bill ‘Has to Get Done’

Commodity Futures Trading Commission Chairman Mike Selig urged Congress to pass the crypto market structure bill known as the Clarity Act.

The Block reported on July 9 that Selig, in a recent interview with Fox Business, said the bill “has to get done.” Otherwise, he said, regulators such as the CFTC will end up writing all the rules.

The legislation is centered on clarifying how the CFTC and the US Securities and Exchange Commission split jurisdiction over cryptocurrencies. The Senate Banking Committee passed the Clarity Act in May, but a date for a full Senate vote has not been set.

Selig also said the bill is essential because the current crypto oversight framework is operating under a patchwork of state-by-state laws and regulations.

He cited attempts to add provisions outside the bill’s core purpose as an obstacle to passage. The remarks appeared to target Democrats seeking to insert ethics provisions related to President Donald Trump’s family crypto business. Selig said such efforts would spoil a real opportunity to pass a bipartisan bill.

Market expectations for the bill’s passage are also fading. Galaxy Research recently lowered the odds of the Clarity Act passing this year to 50% from 60%.