CFTC Chair Michael Selig said the commission will move to propose cryptocurrency trading regulations even if Congress does not pass the Digital Asset Market Clarity (CLARITY) Act. The CLARITY bill, which would create a market structure for digital assets, remains pending in the Senate and requires 60 votes to advance. At the inaugural meeting of the CFTC’s Innovation Advisory Committee on Thursday, Selig said staff had been directed to allow crypto asset trading on a leveraged or margined basis and to examine developer protections. He added that the agency would draft new rules for leveraged and margined crypto trading and related safeguards, stating that the commission would act if bipartisan support for the CLARITY bill fails. Selig’s remarks followed a White House meeting on Wednesday in which President Donald Trump urged lawmakers to pass a version of the bill he described as fair and beneficial for U.S. competitiveness relative to China. Several Democratic members of Congress have called for stronger ethics provisions in the legislation, citing the Trump family’s reported $1.4 billion in crypto‑related earnings in 2025. It is unclear whether enough senators will support the 60‑vote threshold needed for passage. The CFTC’s regulatory agenda aligns with recent proposals from the Securities and Exchange Commission, which on Tuesday released draft rules that could treat certain digital tokens as investment contracts and provide exemptions for issuers. As the only confirmed commissioner, Selig has overseen the agency’s policy direction since December. The Innovation Advisory Committee, which includes Chair Walt Lukken and Designated Federal Officer Michael Passalacqua, also discussed artificial intelligence and prediction markets. Under Selig’s leadership, the CFTC has asserted exclusive jurisdiction over prediction markets, filing lawsuits against state regulators in cases involving firms such as Kalshi and Polymarket. The commission plans to issue the proposed rules after the Senate’s September session, and the final outcome of the CLARITY bill remains uncertain.