The Chair of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, stated that regulators will "write all the rules" for the crypto industry if Congress does not pass the CLARITY Act. This bill aims to divide oversight of digital assets between the Securities and Exchange Commission (SEC) and the CFTC.
According to Selig, the lack of a unified federal framework leaves the industry in a "patchwork" of state laws, hindering business operations. The Block reports that the Senate is still negotiating the bill, and analysts have lowered expectations for its passage to 2026 due to calendar constraints and unresolved political issues.