CFTC Chair Says 'It's Go Time' for Crypto Rules Amid Market Shift
CFTC Chair Michael Selig says it's 'go time' for crypto rules as the agency moves forward with market-structure regulations despite a lack of new legislation. Selig claims existing statutory authority gives regulators room to act, and the administration has prepared for this possibility.
The CFTC recently submitted two proposals, Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, to the White House's Office of Information and Regulatory Affairs (OIRA) for review. These proposals aim to update the regulatory framework for digital assets.
Selig also emphasized that the agency is preparing for financial markets that operate '24/7 on-chain' and increasingly rely on automation, algorithms, and agentic finance. He believes this shift requires a reevaluation of existing rules and regulations.
The CFTC chairman's comments come after the CLARITY Act failed to clear the Senate last week, leaving the legislative path for a broader crypto market-structure framework unresolved. The current period is seen as an 'exciting time' for financial markets as they undergo significant changes.