Commodity Futures Trading Commission (CFTC) Chairman Michael Selig called on the Senate to pass the Clarity Act without delay.
In a new interview on Fox Business, Selig said Confirms The need for a federal framework and legal guardrails while noting that the bill is still within reach despite the controversies.
“We have to get this done. It’s very important that we have federal standards for crypto assets. And now we’ve been dealing with a patchwork of state laws and regulations, and it’s been really bad for business here in the United States. We want to get this done so we have certainty and clarity, and consumer protection has to be a bipartisan issue. We have to get beyond it.”
Selig warns that failure to act on the upcoming cryptocurrency bill means regulators like him will end up writing all the rules for digital assets.
“We want to set standards and protect consumers, protect investors, and that’s something that Democrats and Republicans should be able to get past. I think there’s a little bit of this infiltration of ethics and other kinds of extraneous issues, and they’re just obstructing this real opportunity to put a bipartisan bill in place. Otherwise, it’s going to end up with regulators like me writing all the rules, and I’m sure all Democrats would rather have something in place that’s bipartisan.”
The legislation aims to create a comprehensive regulatory framework for cryptocurrencies. It is designed to address the legal uncertainty of cryptocurrencies by drawing clear jurisdictional boundaries between the CFTC and the US Securities and Exchange Commission (SEC).
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