CFTC Chief Urges Congress to Quickly Pass the CLARITY Act

• CFTC Chair Mike Selig urges Congress to pass the CLARITY Act to establish a clear US crypto market structure.
• Donald Trump pushes lawmakers to approve the crypto market bill while criticizing banks for slowing progress.
• Disputes over stablecoin yield programs continue to delay consensus on the CLARITY Act in Congress. 

US regulators and lawmakers face growing pressure to finalize rules for digital assets. The debate gained urgency after the head of the Commodity Futures Trading Commission called for immediate approval of the CLARITY Act.

The bill aims to establish a clear market structure for cryptocurrencies in the United States while defining the role of regulators.

CFTC Chief Calls for Swift Passage of the CLARITY Act

CFTC Chair Mike Selig has urged lawmakers to approve the CLARITY Act without delay. He described the legislation as necessary for building a structured regulatory system for digital assets.

In a post on X, Selig said the bill would help create a future-ready framework for crypto markets. He also said the CFTC is ready to implement the rules once Congress approves the legislation.

“The CLARITY Act must pass. It’s critical we have a future-proof digital asset market structure in place,” Selig wrote.

Selig added that the agency is prepared to carry out the law under the current administration. He also said the legislation could help strengthen the United States’ position in the global digital asset market.

Trump Pressures Congress to Advance Crypto Market Bill

President Donald Trump has also urged lawmakers to move the crypto market structure bill forward. In a post on Truth Social, he said Congress should pass the legislation as soon as possible.

Trump argued that delays are slowing innovation in the financial sector. He also criticized banking groups, claiming they are holding up progress on crypto legislation.

“The U.S. needs to get Market Structure done, ASAP,” Trump wrote. He added that Americans should have more opportunities to earn returns on their money.

The president also called on banks and crypto companies to reach a compromise. He said cooperation between both sectors would help move the bill toward final approval.

Stablecoin Yield Debate Divides Lawmakers and Industry

A key point of disagreement involves stablecoin reward programs. Some crypto platforms offer yields to users who hold stablecoins on their platforms.

Banking groups argue that such programs may harm traditional financial institutions. They say banks could lose deposits if customers move funds into stablecoin products.

Crypto advocates argue that yield programs support innovation and expand financial options for users. The debate has slowed negotiations over the CLARITY Act and related legislation.

White House officials have held several meetings with industry representatives to address these issues. Discussions have continued beyond an informal March 1 target set earlier in the year.

Industry Leaders Offer Mixed Reactions to the Bill

In a post on X, Hoskinson called the crypto bill “horrific.” He said it treats every crypto asset as a security by default.

Hoskinson also stated that the proposal creates attack vectors and adds bureaucratic red tape, which could allow the SEC to shut down future American crypto projects.

Other industry figures support moving forward with the bill even if changes are needed later. Ripple’s Chief Technology Officer David Schwartz said a weaker law may still be better than having no framework at all.

Market observers are watching the next congressional markup meeting expected this month. Analysts at JPMorgan have projected the CLARITY Act could pass by mid-2026 if negotiations progress.

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