Key insights:
- CFTC Chairman Mike Selig targets July 4 deadline as Congress nears final agreement on the CLARITY Act bill.
- Selig supports exclusive CFTC oversight of prediction markets and backs Kalshi compliance improvements during conference remarks.
- Project Crypto releases asset classification guidance and prepares rules for DeFi registration and perpetual futures trading oversight.
- CFTC and SEC coordinate on crypto rules while continuing legal action against state-level challenges and disputes.
The United States Commodity Futures Trading Commission has set a target timeline for the CLARITY Act. Lawmakers are nearing agreement on the crypto market structure bill.
CFTC Targets July 4 Timeline for CLARITY Act
CFTC Chairman Mike Selig shared an update during the Milken Institute Global Conference. He said he expects the CLARITY Act to pass by July 4. He described Congress as being near the finish line on the bill.
Selig said the bill reflects a compromise across lawmakers. He added that discussions have moved closer to a final agreement. He also noted that the timeline depends on final legislative steps.
He defended the agency’s authority over prediction markets during the session. He stated that the CFTC should maintain exclusive oversight in that area. He also referred to compliance efforts by Kalshi as a positive step.
Selig explained that the agency will continue legal action against state-level challenges. He said the CFTC will handle such disputes in court while preparing new rules. He noted that rulemaking remains a key focus.
Project Crypto Advances Rulemaking and Digital Asset Framework
Selig also spoke about Project Crypto, a joint effort with SEC Chair Paul Atkins. He said the initiative has already produced guidance on digital asset classification. The guidance aims to clarify how assets are categorized.
He added that the next phase will focus on new rules. These include rules for perpetual futures and DeFi developer registration. He also mentioned plans for oversight of AI-driven trading systems.
Selig said the initiative aims to balance innovation and market integrity. He wrote, “We are focused on clear rules that allow crypto, prediction markets and AI to grow.” He emphasized the need for consistent regulation.
The effort reflects coordination between the CFTC and the SEC. Both agencies are working to define roles within the crypto sector. The process also includes input from industry participants and policymakers.Lawmakers continue to review the CLARITY Act as discussions progress. The proposed framework seeks to define oversight across digital asset markets. The coming weeks will determine whether the July 4 target is met.
