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CFTC Chair Michael Selig urges Congress to pass the CLARITY Act

CFTC Chair Michael Selig urges Congress to pass the CLARITY Act

As Senate leaders weigh a July vote before the August recess, supporters say the crypto market-structure bill is nearing completion while Democrats seek hearings on President Donald Trump’s crypto interests and negotiators debate ethics, consumer protections and developer safeguards.

Fact Check
The Block article directly confirms CFTC Chair Michael Selig urged Congress to pass the Clarity Act, describing the state-law patchwork as bad for business and citing unresolved conflict-of-interest/ethics disputes and non-custodial developer (Section 604) concerns. The bitbank.cc article independently corroborates all these specifics, including conflict-of-interest clauses and BRCA protections for non-custodial developers. Multiple additional outlets confirm the same statement and July 9, 2026 timeframe. Every element of the claim is supported.
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Summary

CFTC Chair Michael Selig urged Congress to pass the CLARITY Act, saying federal legislation is needed to set standards for the crypto industry, protect consumers and avoid a patchwork of state rules or excessive regulator-led rulemaking. Rep. French Hill separately pressed the Senate to hold a floor vote in July before the August recess, while Coinbase Vice Chair Ryan VanGrack said the bill is “on the one-yard line,” signaling industry expectations that the measure is close to becoming law, though no firm timeline or procedural milestone has been confirmed. Senate Democrats led by Elizabeth Warren are seeking hearings into President Donald Trump’s reported crypto income and business ties, and negotiators continue to work through disputes over ethics language, consumer protections, DeFi, Section 604 protections for non-custodial developers, law-enforcement concerns and SEC-CFTC oversight.

Terms & Concepts
  • CLARITY Act: Proposed U.S. digital asset market-structure legislation intended to create clearer federal rules for the crypto industry.
  • CFTC: The U.S. derivatives regulator, which would oversee major parts of the crypto market under the bill.
  • Section 604: A provision also referred to as the Blockchain Regulatory Certainty Act that is intended to protect non-custodial blockchain developers.