CFTC Chairman Michael S. Selig expressed disappointment on October 5, 2026, that Congress failed to advance the CLARITY Act. The bill, intended to clarify which federal agency oversees digital assets, stalled in the Senate on September 15, 2026, on a narrow 49-50 procedural vote. In response, the CFTC proposed two rules using its existing authority under the Commodity Exchange Act: Regulation CTX on retail leveraged crypto trading and Regulation CAM for platform registration with proof-of-reserves requirements. Chairman Selig, sworn in on December 22, 2025, had placed significant weight on obtaining legislative clarity, making his open criticism of Congress unusual for a sitting agency chair.
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