Commodity Futures Trading Commission Chairman Michael Selig said The law of clarity It remains within reach, days after Congress failed to meet its July 4 goal of passing a cryptocurrency market structure bill. “We’re so close. We have to get this done,” Selig said He said Fox Business host Maria Bartiromo.
Some analysts give this measure Even the odds Before the August 7 holiday.
The bill would split oversight of digital assets between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission, a split the industry has sought for years. The House of Representatives approved this legislation last summer. The Senate has not yet taken a vote.
Selig, a Trump appointee It was confirmed in Decembersupported Clarity Act efforts as a matter of national competitiveness. He supported these efforts as a matter of national competitiveness.
“It is important that we have a federal standard for crypto assets,” he said, pointing to a patchwork of state laws that, in his reckoning, have hurt American businesses. He described the goal as certainty, clarity and consumer protection, and described the measure as bipartisan. “We have to cross the line,” he added.
When asked about the filibuster, Selig pointed to the scope. Democrats have pushed for moral language to be used to deal with President Trump, his family and their crypto projects, a demand he called a distraction.
“There’s a little bit of creep into ethics and other issues, and they’re hindering the real opportunity to get a bipartisan bill,” he said.
Democrats have framed the Clarity Act’s provisions as consumer protection. The bill also sparked disputes over illicit financing rules and over a reopened part of the law The law of geniusstablecoin law, which relates to whether or not exchanges may pay out fruit On stablecoin balances.
Senator Cynthia Lummis, who leads the Senate Banking Committee’s Digital Assets Subcommittee, said negotiators aim to release the text of the bill and hold a vote this month.
Committee The measure advanced by a vote of 15 to 9With two Democrats joining the Republicans. Lawmakers warned that failure to act before the holiday could delay the next opening by years.
Selig on prediction markets, Iran beyond the law of clarity
Bartiromo Seelig also asked about prediction markets, where Calci and Polymarket processed a combined volume of $24 billion over the past year.
Selig said That’s enough for you It proposed rules for the sector and sued nine states in a battle over jurisdiction. Regarding the markets during the US strikes on Iran near the Strait of Hormuz, he said that cryptocurrencies maintained their position and served as a hedge, while the agency worked to keep the oil and derivatives markets regulated.
For now, the fate of the Clarity Act depends on the text that is released, the Senate vote, and a calendar that leaves a few weeks before the August recess.
