U.S. CFTC Chairman Urges Passage of CLARITY Act as Congress's Top Priority

U.S. CFTC Chairman Michael Sello has urged Congress to swiftly pass the CLAR,ITY Act, warning that delayed legislation could result in fragmented federal regulations. He emphasized the need for bipartisan agreement to ensure legal certainty, regulatory clarity, and consumer protection. Sello cautioned that legislative delays would grant regulatory agencies excessive discretion, a scenario he fears would undermine democratic oversight. Senate negotiations are nearing completion, with Democrats advancing ethical regulations related to former President Trump's cryptocurrency business as a major hurdle. Senator Cynthia Lummis noted that extensive negotiations have yielded compromises, particularly on the GENIUS amendment. While final reviews are ongoing, the bill's text has been released for scrutiny, with a projected July deadline for legislative progress.