CFTC Chief Sees Senate Passing Clarity Act in Weeks, Opening New Rules for Digital Exchanges
Updated
Updated · Markets Media · May 19
CFTC Chief Sees Senate Passing Clarity Act in Weeks, Opening New Rules for Digital Exchanges
8 articles · Updated · Markets Media · May 19
Michael Selig said the Senate could vote on the Clarity Act within weeks, with the bill potentially reaching the president in the next month or two after clearing committee stages.
The law would create a U.S. market-structure framework for digital assets, requiring registration of new digital commodity exchanges and other intermediaries under CFTC and SEC oversight.
Selig said the CFTC is leaning toward policing onchain activity rather than software developers, arguing self-custodial wallets and decentralized applications should not be regulated like exchanges.
The agency is also preparing for onchain derivatives and tokenized collateral, including stablecoins, gold-backed tokens, bitcoin and ether, as it works with brokers, clearinghouses and prudential regulators.
The remarks came as U.K. officials outlined parallel tokenization plans, including draft systemic stablecoin rules next month and 16 firms set to launch from the Digital Securities Sandbox later this year.
As the US and UK align on crypto rules, are we seeing the blueprint for a new Western-led digital financial order?
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U.S. Digital Asset Market Clarity Act of 2025: Key Provisions, Political Divides, and the Future of Crypto Regulation
Overview
The Digital Asset Market Clarity Act, introduced by Chairman French Hill in May 2025, quickly passed the House with strong bipartisan support but then stalled in the Senate due to disagreements over stablecoin yield rules between banks and crypto firms. By May 2026, momentum returned as the Senate Banking Committee began reviewing the bill, though it faced strong criticism from Senator Elizabeth Warren, who argued it favored crypto companies and threatened investor protections. Despite these hurdles, renewed legislative activity has sparked optimism in the digital asset market, with participants closely watching for further progress that could bring much-needed regulatory clarity and boost market confidence.