Selig and Hill Urge Congress to Pass CLARITY Act Amid Crypto Market Uncertainty

Crypto policy returned to focus as officials renewed calls for clearer rules. CFTC Chair Mike Selig said innovators and market participants need certainty about crypto's future in America, describing the CLARITY Act as 'must-pass legislation' for the country's crypto sector.

The bill aims to define how crypto markets should operate under federal law, potentially clarifying oversight for exchanges, token issuers, and trading platforms. Selig said the CLARITY Act would provide clearer rules for digital asset markets, which companies building crypto products in the United States need stronger rules for.

House Financial Services Committee Chairman French Hill also urged Congress to move past current ethics disputes, saying they should not delay wider crypto market rules. He suggested passing the CLARITY Act could bring concerns about memecoins, co-investments, exchanges, and political crypto activity under one framework, giving regulators a clearer path for oversight.

Lawmakers are expected to visit New York next week for a crypto market structure hearing, as pressure builds for Senate action in July. French Hill is pushing Senate leadership to set a July floor date for the bill, which would keep it active during the summer session.