CFTC Chairman Michael Selig has called for the Clarity Act to be passed before Congress's August 7 recess, emphasizing its importance in establishing federal standards for crypto assets. In an interview with Fox Business, Selig stated that the legislation is "very close" to approval and is crucial to counteract the fragmented state laws that harm U.S. business. The Clarity Act aims to provide market certainty, clarity, and consumer protection by delineating crypto asset regulatory authority between the CFTC and SEC. While the House passed the bill last year, it awaits a full Senate vote. Selig criticized the Democrats' focus on ethical provisions as a distraction that undermines bipartisan support.