Michael Selig, Chairman of the US Commodity Futures Trading Commission (CFTC), stated on Fox Business’s “Mornings with Maria” that a new bill targeting cryptocurrency markets is very close to becoming law.
Selig argued that the bill would make the US the “gold standard” in digital asset regulation.
Selig, who participated in the program, stated that the crypto markets have long been shrouded in uncertainty, causing sources of innovation to flee abroad. “The aim of this law is to provide clarity. Markets have been uncertain for too long, and they have fled to overseas regions,” said Selig, adding that the bill would clarify which assets are securities and which are commodities by providing a “token taxonomy.”
The CFTC chairman predicted the bill could reach President Donald Trump’s desk “within the next few months.” Selig argued that the current approach of treating all digital assets as securities is outdated, stating that many assets should fall under the CFTC’s commodity regulatory authority. “We can’t let Gary Gensler 2.0 come along and destroy everything. We want to future-proof our legal framework for crypto,” he added.
Selig also addressed the issue of prediction markets, stating that this area would be handled through agency regulations, not congressional legislation. Recalling that the CFTC has regulated these markets for over 20 years, Selig said, “We will not be a regulator like the previous administration, and we will not ban such contracts before political elections. We will embrace it, set the rules, and defend our authority in court when necessary.”
Selig, praising President Trump’s leadership in favor of the cryptocurrency industry, stated that the bill has bipartisan support and will pull back the best entrepreneurs, exchanges, and innovators in the US.
*This is not investment advice.
