Commodity Futures Trading Commission Chair Mike Selig said on Wednesday that the regulator is preparing rulemaking for continuous, blockchain-based markets and automated trading systems, moving forward without the stalled Clarity Act.
“Our markets are rapidly evolving,” Selig told CNBC. “We really have to reevaluate all of our rules and regulations to make sure that we’re ready and prepared for this transition to 24-7 on-chain and these automated markets that are facilitated through the use of algorithms and agentic finance.”
Selig’s statement comes after lawmakers blocked the Clarity Act last week, a bill designed to formally divide regulatory authority between agencies over digital assets. The legislation would have clarified which assets fall under securities, commodities, or stablecoin oversight.
The act’s failure followed opposition from banking lobbyists over crypto company rewards programs and ethics concerns raised by some lawmakers, mostly Democrats. President Trump had urged passage of the bill, calling it “very, very powerful.”
Despite the Clarity Act’s collapse, both the CFTC and SEC have continued regulatory work independently. Last week, the CFTC sent a crypto regulation proposal to the White House. The SEC, separately, approved tokenized stocks trading and proposed a framework for crypto asset offerings in August.
White House Crypto and AI Tsar David Sacks described Selig as “instrumental in driving forward the President’s crypto agenda.” Selig previously served as chief counsel at the SEC’s Crypto Task Force.
Some lawmakers have alleged conflicts of interest regarding Trump family involvement in digital asset ventures. The White House has denied any wrongdoing.
