CLARITY Act Failure Spurs New CFTC Crypto Rules, Chairman Selig Says It's 'Just The Beginning' - Benzinga

The failure of the CLARITY Act has shifted the center of gravity in U.S. crypto policy toward the Commodity Futures Trading Commission. According to Benzinga, CFTC Chairman Selig signaled that new crypto rules are coming, describing the agency's work as "just the beginning." The remarks suggest the CFTC intends to build out a regulatory framework even without the comprehensive market-structure legislation the bill would have provided.

For market participants, the development matters because it clarifies where rulemaking energy is likely to flow. The CLARITY Act had sought to draw sharper lines between securities and commodities oversight; its collapse leaves that boundary contested and hands the CFTC a larger practical role. New CFTC rules could shape how derivatives, listed products, and spot-market activity touching crypto are supervised.

What to watch: the substance and timing of the proposed rules, how the SEC responds, and whether Congress revisits legislation. Until then, firms should expect a patchwork approach, with agency-level guidance doing more of the work that statutes once promised.