CFTC Prepares for On-Chain Markets as Crypto Regulation Evolves

CFTC Chair Mike Selig is preparing the regulator for '24-7, on-chain' markets as cryptocurrency and artificial intelligence continue to evolve. Speaking to CNBC, Selig emphasized that it's an exciting time for regulating these emerging technologies.

The Clarity Act, a landmark crypto legislation, stalled in Congress after lawmakers blocked its passage. Despite this setback, the CFTC has pushed ahead with rulemaking, including sending a proposal to the White House to regulate cryptocurrency transactions and markets.

Selig acknowledged that the market's rapid evolution requires reevaluating existing rules and regulations. He noted that the Clarity Act would have formally divided oversight between regulators, distinguishing which digital assets are securities, commodities, or stablecoins.