CFTC Chairman Michael Selig announced on September 16, 2026, that the Commodity Futures Trading Commission will move forward with crypto asset regulations under its existing statutory authority, bypassing a gridlocked Congress after the Senate derailed the Clarity Act.
The Senate vote ended 50–49, with Democrats citing conflict-of-interest risks around blockchain projects linked to the White House and the banking lobby challenging yields on stablecoins. The market reacted sharply: Bitcoin fell below $76,000, while shares of Coinbase and Circle dropped 8% and 11%, respectively.
Selig called the vote unfortunate and said, “Americans deserve regulatory clarity, legal certainty, and consumer protections in crypto asset markets.” He added that the administration “promised to deliver a future-proof crypto asset regulatory market structure one way or the other” and will “help get the job done using our existing statutory authorities.”
The CFTC chief also stated, “The U.S. is and will remain the crypto capital of the world.” Bitwise Chief Investment Officer Matt Hougan said the Clarity Act wobble would quickly fade, describing big capital as now being in a “heads we win big / tails we still win” situation. Institutional investors reportedly see targeted rules from Selig and a revamped SEC as potentially more liberal for DeFi and stablecoins than the compromise restrictions in the failed legislation.
