Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Michael Selig made a sharp statement that should serve as a cold shower for lawmakers. He warned that if Congress does not pass the CLARITY Act, regulators will be forced to "write all the rules" for the crypto industry on their own. This is not a threat, but a statement of inevitability: the vacuum in federal regulation cannot last forever.
The CLARITY Act is a key document designed to delineate the areas of responsibility between the CFTC and the Securities and Exchange Commission (SEC). Currently, digital assets exist in a gray zone, leading to legal uncertainty and overlapping authority. Selig emphasized that the lack of a unified federal framework leaves the industry in a "patchwork" system of state laws. This not only hinders business but also creates risks for investors, who must navigate fragmented jurisdictions.
The situation is complicated by the fact that the Senate continues protracted negotiations on the document. Analysts have already lowered expectations for its passage in 2026. The reasons include calendar constraints and unresolved political issues. Every day of delay strengthens the position of those who believe that regulation "from below"—through judicial precedents and agency orders—is more effective than legislative initiatives.
My analysis: time is running out
Selig's statement is not just rhetoric. It is a signal to the market that the CFTC is ready to act unilaterally if Congress cannot overcome its differences. However, such a scenario risks regulatory fragmentation and additional legal battles. The industry needs a clear law, not administrative decrees. Congress's delay is not just a waste of time; it is a loss of trust from institutional investors who are waiting for clarity to enter the market.