CFTC Chair Says Clarity Act So Close as Senate Deadline Approaches

CFTC Leadership Calls for Action

CFTC Chairman Michael Selig described the CLARITY Act as within reach and urged Congress to complete work on the bill before the August 7 recess. In comments on Fox Business, Selig stated, “We’re so close. We have to get this done.”

The bill, passed by the House last summer, would assign commodity-like digital assets to CFTC oversight while securities-like ones remain with the SEC. The Senate Banking Committee advanced it in a 15-9 vote, with two Democrats joining Republicans.

Key Disputes in Negotiations

Negotiators work through several points of disagreement. One centers on ethics provisions linked to government officials and crypto activities. Democrats seek stronger language in this area, while others view it as added complexity that could block a bipartisan deal.

Another area involves illicit finance measures and adjustments to stablecoin provisions from the GENIUS Act. Industry estimates place potential annual yield from certain stablecoin arrangements at around $1.35 billion for major platforms.

Industry Voices on Need for Rules

Former New York Governor Andrew Cuomo, serving as co-chair of an ICE-OKX joint venture, called for lawmakers to set clear boundaries. He said companies seek basic guidance on permitted activities rather than special treatment.

Cuomo noted that Democrats raise valid points on consumer safeguards, anti-money laundering, and know-your-customer standards, which should stay in final legislation. He advised against turning the process into a partisan matter.

Senate Timeline and Advocacy Efforts

Senator Cynthia Lummis, who leads the Senate Banking Committee’s digital assets subcommittee, aims to release updated bill text and secure a floor vote this month. Advocates encourage public contact with senators as the chamber returns July 13, with the August recess setting a firm cutoff.

Prediction markets currently place passage odds near even. Missing the pre-recess window could push further action far into the future given other legislative priorities.

Selig pointed to national competitiveness as a reason for federal rules, noting the current setup leaves gaps in certainty and protection. The bill draws support across party lines in some votes, though full agreement remains the goal.